Feds are finally catching up to Windjammer

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tortolagrl
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Feds are finally catching up to Windjammer

Postby tortolagrl » November 18th, 2010, 2:08 pm

U.S. sues Windjammer over 401(k)
South Florida Business Journal
Date: Wednesday, November 17, 2010, 2:10pm EST

The U.S. Department of Labor has sued the defunct Windjammer Barefoot Cruises and its fiduciaries to restore $24,655 to the company's 401(k) retirement plan.
The British Virgin Islands-based cruise line folded in 2007 after several years of providing unstructured cruises on tall ships. By 2008, complaints, legal judgments and claims against Windjammer piled up in local courts.
The new federal lawsuit follows a Labor Department investigation into alleged violations of the Employee Retirement Income Security Act. The department sued the company, the Burke Family Trust that owns it, and three people: Daniel Walsh, Windjammer vice president; Stephen Pallister, protector of the trust; and David Harris, director of Bujika Ltd. and trustee of the trust.
The suit alleges that the defendants withheld employee contributions and employee loan payments owed to the plan in 2006 and 2007. It also alleges that additional interest and other accruals were lost.
The cruise line had a big presence in South Florida, with offices in South Beach, and the homes of several of its owners – the family of founder Michael Burke Sr. – scattered throughout the region.
The company's major assets, sailing ships, were held at foreign ports when the company collapsed.
Some of the company’s ownership was based offshore. Most passengers flew to foreign ports such as Grenada to start their cruise.

http://www.bizjournals.com/southflorida ... a=e_du_pub

Read more: U.S. sues Windjammer over 401(k) | South Florida Business Journal

Sorry about the links - I have no clue how to make them post and work from here.

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Re: Feds are finally catching up to Windjammer

Postby winefrog » November 18th, 2010, 2:57 pm

$24K ????? Well, it's a start :grin
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Re: Feds are finally catching up to Windjammer

Postby TOMTOES » November 18th, 2010, 3:23 pm

Maybe I could sue the 401K to get my La Mer $$ back. It's only 9K :pissed
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Re: Feds are finally catching up to Windjammer

Postby Dale Andrews » November 18th, 2010, 5:08 pm

Talk about going after the tip of the iceberg!

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Re: Feds are finally catching up to Windjammer

Postby tortolagrl » November 18th, 2010, 5:36 pm

I agree - but with this started - I would hope the rest will follow

I hope they get some money back as this was the employee's money - and Lord knows all of them could use whatever they can get.

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Re: Feds are finally catching up to Windjammer

Postby Rick_Mary_B » November 19th, 2010, 12:15 pm

It will always come back to bite you in the rear-end!

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Re: Feds are finally catching up to Windjammer

Postby TivoManiac » November 19th, 2010, 3:04 pm

Our speedy government at work....
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Re: Feds are finally catching up to Windjammer

Postby Railmon Mike » November 21st, 2010, 1:12 pm

Considering all the money they stole, the Burkes are probaly laughing but at least somebody is doing something. Maybe this will be the start of many lawsuits & other legal actions.
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Re: Feds are finally catching up to Windjammer

Postby Dale Andrews » November 21st, 2010, 4:36 pm

I heard a rumor about a class action on behalf of the La Mer "investors." This struck me as strange since I was not contacted and hadn't heard anything from anyone else on the board. Anyway, I have found absolutely nothing to indicate that such an action has been filed -- and I went so far as to do an on-line search of the court databases in Florida.

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Re: Feds are finally catching up to Windjammer

Postby LindaR » November 22nd, 2010, 11:53 am

I wasn't contacted either Dale. And I hope the ex-employees of WJ do get all or some of their money back.
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Re: Feds are finally catching up to Windjammer

Postby TOMTOES » November 22nd, 2010, 2:30 pm

I agree Linda :ditto

The local employment taxes and 401K stuff can't be hidden in a trust in the Isle of man.

I hope they start makin' em pay!
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Re: Feds are finally catching up to Windjammer

Postby jjepster » November 22nd, 2010, 3:43 pm

I kinda feel sorry for Danny Walsh - I think he was the last of the known corporate officers. Took me about 8 clicks to find Danny on the Internet. I'll bet the family hangs him out to dry. I wonder how and where the Burke clan celebrates Thanksgiving?

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Re: Feds are finally catching up to Windjammer

Postby buddycat » November 23rd, 2010, 4:57 am

jjepster wrote:............

...I wonder how and where the Burke clan celebrates Thanksgiving?


If it were up to me they'd be in orange jumpsuits eating turkey spam.
Last edited by buddycat on November 23rd, 2010, 3:41 pm, edited 1 time in total.
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Re: Feds are finally catching up to Windjammer

Postby On Vacation » November 23rd, 2010, 9:18 am

You know these things take time. I was involved in the whole Enron thing and it took over 5 years to start to get any money back. So hopefully things will workout for those who lost money!

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Re: Feds are finally catching up to Windjammer

Postby Lars » December 1st, 2010, 6:49 pm

Thanks to Enron, they upped the criminal penalties too.

It's now ten years.

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Re: Feds are finally catching up to Windjammer

Postby Dale Andrews » December 2nd, 2010, 12:05 pm

Hmmm. Maybe we should ask for a special "La Mer" deal where we get to exercise an option for an additional ten years!

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Re: Feds are finally catching up to Windjammer

Postby jjepster » December 3rd, 2010, 10:41 am

OK --- this is a take off on another joke, but I have to go there.

How do you introduce the entire Burke family at once?











"Will the defendants please rise?"

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Re: Feds are finally catching up to Windjammer

Postby Dale Andrews » December 3rd, 2010, 11:18 am

Glad you went there!

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Re: Feds are finally catching up to Windjammer

Postby Trippy » December 3rd, 2010, 2:24 pm

:rofl :rofl :rofl - love it!!

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Re: Feds are finally catching up to Windjammer

Postby Bequia Beach Bum » December 3rd, 2010, 10:28 pm

AAAAA MEN!!!!
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Re: Feds are finally catching up to Windjammer

Postby PurpleBears » December 5th, 2010, 8:36 am

jjepster wrote:Will the defendants please rise?


:rofl :rofl :rofl It's always great to wake up with a hearty laugh!
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Re: Feds are finally catching up to Windjammer

Postby Railmon Mike » December 12th, 2010, 12:40 pm

jjepster - Yeah, what you said! And it's more true than not.
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Re: Feds are finally catching up to Windjammer

Postby john » September 28th, 2011, 1:15 pm

Regarding the 401k I was lucky to cash out my plan. Joey Burke was nice enough to speed things up. Hope those who still have theirs funds tied in the 401k and the LeMere can see some recourse.

John EXT# 1310 :freshoj

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Re: Feds are finally catching up to Windjammer

Postby tortolagrl » September 29th, 2011, 8:02 am

John, so good to see you here


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