Let's face it, at this stage, unless Kwame Killpatrick gets a big cut on his 28-year prison term -- and hits the Lotto or gets a ridiculously high paying job -- another big fat monetary penalty against the former mayor means very little.
What's that saying? Like squeezing water from a stone.
He still owes more than $800,000 in restitution in the text-message case, and another $4.6 million in restitution to the city in his federal public corruption case. And oh yes, he also owes another $195,000 to the IRS.
Now, there's this.
Candice Williams of the Detroit News writes that the Securities and Exchange Commission filed a motion in federal court seeking $390,000 from Kilpatrick and $130,000 from former city treasurer Jeffrey Beasley for what the agency says was “deliberate or reckless disregard” of regulatory requirements while they sat on two city employee pension boards.
The News reports that the SEC alleges that Kilpatrick and Beasley received more than $122,000 in free travel from Mayfield Gentry Realty Advisors while they sat on the Police and Fire Retirement and the General Retirement boards.
“At the same time as it was plying Kilpatrick and Beasley with lavish gifts, MGRA was recommending that the pension funds buy more than $115 million in securities from an entity controlled by MGRA,” the motion alleges, according to the News. “Despite pending board votes on massive investments by the pension funds with MGRA, neither Kilpatrick nor Beasley told their fellow trustees that they were receiving tens of thousands of dollars in free travel and entertainment from MGRA.”
Beasley is awaiting a trial in October for bribery, conspiracy, fraud and extortion.
Kilpatrick is currently serving his time at a federal prison in El Reno, Ok.
Granted, the government could get some of the money from Kilpatrick if it finds he's hidden cash or assets somewhere.
But short of that, there's not much hope of getting that kind of money from Kilpatrick.
Last we heard, those jobs in prison don't pay all that much.
