Passage 1.23.10
τὰ δὲ ἐς Ἑρμόλυκον τὸν παγκρατιαστὴν καὶ Φορμίωνα τὸν Ἀσωπίχου γραψάντων ἑτέρων παρίημι· ἐς δὲ Φορμίωνα τοσόνδε ἔχω πλέον γράψαι. Φορμίωνι γὰρ τοῖς ἐπιεικέσιν Ἀθηναίων ὄντι ὁμοίῳ καὶ ἐς προγόνων δόξαν οὐκ ἀφανεῖ συνέβαινεν ὀφείλειν χρέα· ἀναχωρήσας οὖν ἐς τὸν Παιανιέα δῆμον ἐνταῦθα εἶχε δίαιταν, ἐς ὃ ναύαρχον αὐτὸν Ἀθηναίων αἱρουμένων ἐκπλεύσεσθαι οὐκ ἔφασκεν· ὀφείλειν τε γὰρ καί οἱ, πρὶν ἂν ἐκτίσῃ, πρὸς τοὺς στρατιώτας οὐκ εἶναι παρέχεσθαι φρόνημα. οὕτως Ἀθηναῖοι---πάντως γὰρ ἐβούλοντο ἄρχειν Φορμίωνα---τὰ χρέα ὁπόσοις ὤφειλε διαλύουσιν.
I pass over what others have already written concerning Hermolykos the pancratiast and Phormio the son of Asopichos; however, I have more to record regarding Phormio. This Phormio, though equal in nobility to the most distinguished Athenians and descended from ancestors of notable reputation, happened nevertheless to be burdened by debt. Thus, withdrawing to the deme of Paiania, he lived there in retirement. When the Athenians elected him admiral, he declared he would not set sail, asserting he owed debts and that, until he had repaid them, he could not maintain proper authority among his troops. The Athenians, who by all means wished Phormio to command, accordingly settled for him all the debts he owed.