Vikings legend Stu Voigt accused of running Ponzi scheme to defraud investors

Author:
Updated:
Original:

Minnesota Vikings legend Stu Voigt has been charged by federal prosecutors with conspiring to defraud individuals and financial institutions out of millions of dollars through a Ponzi scheme.

FOX 9 reports the indictment says the 66-year-old former tight end conspired with Jeffrey Gardner to use a business entity called Hennessey Financial between 2005 and 2007 to defraud investors.

Investors were told their money would be used for commercial real estate projects, when it was instead allegedly used to repay other investors and cover pre-existing debts. Voigt and Gardner are then accused of creating new companies when Hennessey began to fall apart.

KSTP reports that Voigt, of Apple Valley, was chairman of First Commercial Bank in Bloomington at the time and is said to have secured loans for Gardner, 61, of Hopkins, without disclosing his full financial situation.

U.S. Attorney Andrew Luger told KSTP that Voigt, who played in three Super Bowl games and was also a radio broadcaster for Vikings games between 1981 and 1989, was indicted Wednesday in federal court.

According to WCCO, the pair faces two counts of conspiracy to commit mail fraud, four counts of mail fraud, five counts of bank fraud, and seven counts of giving false statements on a loan application.

Voigt faces an additional 18 charges of making monetary transactions in criminally derived property as well as two counts of making false statements to the FDIC.

The Star Tribune reported in 2012 that the Federal Deposit Insurance Corp. barred Voigt from banking and fined him $125,000 over alleged "reckless misconduct" and "personal dishonesty" while he was chairman of the Bloomington bank.

The newspaper notes that he was alleged to have extended a line of credit from First Commercial Bank to Hennessey during his time there.

According to Vikings.com, Voigt ranks 18th on the franchise's all-time receiving list with 177 catches for 1,919 yards. He played in 131 games over his 11-year career.

Next Up

Screen Shot 2021-02-27 at 9.39.00 AM

Teen wounded in 'accidental shooting' in Moorhead

The 18-year-old was shot in the abdomen.

Kirill Kaprizov / Minnesota Wild

Watch: Another absurd night for Kaprizov as his legend grows

Kaprizov scored a crazy wrap-around goal in the Wild's victory over the Kings.

uber-eats-4709288_1920

DoorDash, Uber Eats bump service fees for Twin Cities customers

After Minneapolis and St. Paul limited what companies can charge restaurants, DoorDash and Uber are charging customers about a dollar more

hockey rink ice arena

Hill-Murray girls' hockey shut down after 3 players with COVID symptoms kept playing

The players showed 'complete disregard' for the school's COVID

Screen Shot 2019-02-12 at 6.18.55 AM

Narrow band of intense snow to bring up to 7 inches to Minnesota

A winter storm watch has been issued where more than 6 inches could pile up.

Icicles; frozen; winter

As Minnesotans brace for huge gas bills, state ups assistance to $1200

Texas wasn't the only state impacted by February's arctic blast.

Kirill Kaprizov / Minnesota Wild

3 first-period goals lead Wild over Kings

With three goals in just over three minutes, the Wild sealed their fifth straight victory.

butcher and the boar

Butcher & the Boar makes comeback with new ownership

Local hospitality company Jester Concepts has bought the brand. The new location is still being determined.

Hy-Vee

Staff at Mankato Hy-Vee incorrectly diluted COVID vaccines for 62 patients

The retailer says that there is no reason for medical concern.

Related

Ex-Viking Stu Voigt under criminal investigation

The U.S. Justice Department is reportedly launching a criminal investigation into whether the former Vikings great committed wire and bank fraud. Voigt played tight-end for the Vikings in the 1970s and later served as chairman of First Commercial Bank in Bloomington. He's also facing a civil suit for alleged securities fraud.

Ex-Viking Stu Voigt to pay $15,000 fine in FDIC settlement

Former Minnesota Vikings tight end Stu Voigt has agreed to pay $15,000 and stay out of banking as part of his settlement in a dispute with the Federal Deposit Insurance Corp. The FDIC alleged in December that Voigt violated the law and bank regulations at First Commercial Bank when he voted to approve bank loans without disclosing his relationship with the borrower.