IRS: Joe Francis caught in $20 million corporate tax scheme
 

http://www.thesmokinggun.com/archive...efrancis1.html
man when it rains it pours

:1orglaugh :1orglaugh

Now that one he should be worried about... :pimp

Lube up that ass. Thats going to hurt.

ouch, What a fool, Ya don't fuck with the IRS

You know, when you start doing stupid things, like ignoring a contempt of court order you start drawing undesired attention to yourself.

Unfortunately, money does not buy brains, and if his attornies were advising him he apparently was not heeding their advice.

greed is the source of all evil :2 cents:

Wow, from king of the world to convict in just a few years. Would be one hell of a fall if he's found guilty.

his attorney is going to be billing him obscenely

I second that, Baddog :winkwink:

Read through the stuff and it looks pretty solid. If I were him I would be leaving the country.

By the end it would have probably been cheaper to pay the $20 mil

he MIGHT do a couple of years. big woop. ide trade 20 million for a couple years in the joint

True...

And when the law can't find enough to do the deed, they sometimes bring in the IRS to see what they can find on their end with hopes of gettin' the bad guy that way.. That's how they finally got some of the old gangsters back in the day..

Some of those deductions are well fucking funny. Hell you would think with his money he could of at least afforded a more creative accountant if he planed on cheating.

ouch ...

I wouldnt if my job was getting thousands of daddies lil girls to expose themselves and much much more on video, the web, and national tv spots just for a hat and t-shirt. I would be very concerned with how many of those daddies may be in prison with me if I was him. I am fairly sure they would be very fond of his twink ass.

It doesn't work like that. He will be paying the 20 million back to the IRS in addition to a fine. Then he'll have to fork out the legal fees, which for good tax lawyers usually go to somewhere around 2-4k per hour.

Federal tax audit, ohhhhh baby. Those are fun!
WG

The judge that he told off recently is probably smiling right now.

They got what it takes to take what you got...

http://members.bellatlantic.net/~vze27qdt/irs.jpg

Things aren't looking too good for GGW Joe... :Oh crap

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Don't forget they finally got Al Capone on income tax evasion.

http://www.koalie.net/Walks/200309-C...133658-med.jpg

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i keep tellin people get paid in carrots and broccoli

"attorneys" :winkwink:

Whoooooooa! WTF!

This isn't an audit, this is an indictment.

Remember, this is how they got Al Capone.

Note to self: read entire thread before making specific references.

My uncle used to work in Corcoran. He said prisioners like it when high profile people become inmates. Fucking up a high profile inmate bodes well with other inmates.

I thought it was pretty foolish to begin with that he set up Mantra as an S-Corp.

It's pretty clear his ego was influencing his decision making... What a complete dumb ass. As a rich daddy's boy though I guess it's not surprising.

This is exactly what the MAN wanted. He's toast if it's true.

Thats my number one rule.. dont cheat on taxes, its too easy to get caught and they will fuckin roast your ass..

Why was it foolish to have it set up as s-corp?

Does the government frown on S-corp?

I'm getting incorporated soon and I'll be talking to a cpa but I still want to know why it's stupid.

I know, I noticed it but my crappy wireless here in Bumfuck, IN did not allow me to get back to edit it. Damn snow.

number one rule don't fuck with the IRS. they have interrogation rooms just like the FBI believe me i've been there.

He came from a rich family? Sheesh, greed really got the better of him.

This is a set up... They waited until they had him in jail on this silly crap and then hammered him hard. This is worst case. They want to make an example of him.

It appears the war has begun.

The point is, ladies and gentleman, that greed -- for lack of a better word -- is good.

Greed is right.

Greed works.

Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.

Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.

And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA.

-Gordon Gekko

His Dad is/was the big cheese at Mandalay Entertainment.

Umm, slight correction...


He faces 10 years and / or $500,000 fine - plus you can be sure that all of his taxes for however long they can go back will be audited and he will be paying tax. That 20 million isn't his to keep.

Considering that he is a very public "porn guy", don't be shocked if he gets max'ed out on this one.

I expect we will be seeing a more humble Joe during his next court appearance, unless he wants to see what a "Judge Gone Wild", truly means...

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I don't think the IRS needs a local sherrif to corner someone before they jump in.. They've probably been going through his paperwork for awhile..

He has no one to blame but himself. There was no setup.

Amazing the inability of some people to read and comprehend. He did not make, steal or save $20 million. He had $20 million in phony business expenses. Big difference.

At the end of the day he made a business decision....one which will probably save him millions...

The IRS will cut a "payment deal" and out of the $20 million, he will owe about 60% of that, which means he will pay out $12 million, plus a few minor fines, and wind up walking away with +$7 million....

Remember, although the IRS is government, it is still a business too.

how does the government figure this shit out? I could barely keep up with all th e fake companies and transfers and offshore properties.

The IRS didn't file this suit (as they normally do).. this was filed by the DOJ and the timing is awfully coincidental.