Eagle County, Colo., officials had declined to press more serious charges against Martin Joel Erzinger, a money manager for wealthy clients after a collision with Dr. Steven Milo, The Vail (Colo.) Daily News reported.
Court records indicate police allege Erzinger, who manages more than $1 billion in assets for Morgan Stanley Smith Barney, hit the cyclist from behind six weeks ago then sped away, leaving him with what his lawyer called "disabling" spinal headaches the prospect of multiple surgeries for a herniated disc.
District Attorney Mark Hurlbert, however, told the newspaper he didn't bring more serious charges partly because a felony could affect Erzinger's job and thus his ability to pay restitution.
"This guy is clearly fleeing the scene. All the elements of the crime are present," Bicycling Magazine blogger Bob Mionske told The New York Times.
"Even with an appreciation of the legal complexities, what Erzinger is accused of absolutely warrants a felony charge and it's shocking that his profession and net worth has even entered into the equation," BikePortland.org editor Jonathan Maus wrote.