Athletes Beware – The Ponzi Scheme

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.

Contact Us
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.

At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.