South Florida Arbitration & Litigation Lawyer Blog
Michael Vick’s ex-advisor, Mary Wong sentenced to more than five years in prison for running a Ponzi scheme.
A former financial adviser to Michael Vick and several other NFL players has been sentenced to more than five years in prison for stealing more than $3 million from the players in a Ponzi scheme.
U.S. Attorney Deborah Gilg said Mary Wong of Omaha was sentenced Monday to 63 months in prison for securities fraud. Wong pleaded guilty in September of 2010. She was ordered to pay more than $3 million in restitution and serve 3 years supervised released.
Prosecutors say Wong worked out of her Omaha home and purported to sell investments in luxury properties in Arizona, Tennessee and Michigan along with private jets and other investments. Prosecutors say many investments never existed. Instead, they say, Wong used the money to support her other businesses and a lavish lifestyle.
Court documents show that that Mr. Vick believes he gave about $550,000 to Ms. Wong. Mr. Vick’s attorneys said the controversial NFL quarterback gave Ms. Wong a general power of attorney so she could manage his assets while he was serving time in federal prison for running an illegal dogfighting ring.
Three other NFL players — Demorrio Williams of the Kansas City Chiefs and twins Josh Bullocks of the Chicago Bears and Daniel Bullocks of the Detroit Lions — were partners with Wong in Williams & Bullocks LLC. All three played at the University of Nebraska. None of three men were accused of wrongdoing in the case.
The grant of a general, durable power of attorney to a third party is usually not a good idea under any set of circumstances. Especially, if there is no reason to do so.
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