Helio Castroneves, two-time winner of of the Indy 500, and winner of Dancing with the Stars, has along with two others, been indicted for tax evasion.
Castroneves, a U.S. resident, was indicted by a grand jury on charges of conspiracy to defraud the United States of income taxes and with six separate counts of income tax evasion for tax years 1999 through 2004. Also charged in the indictment were Helio Castroneves' sister and business manager, Katiucia Castroneves of Miami, and his attorney, Alan R. Miller of Michigan.
It's alleged that Castroneves, by using an offshore Panamanian shell corporation -- Seven Promotions Corporation (Seven Promotions) -- fraudulently concealed from the IRS income received from two sources: Coimex Internacional SA (Coimex) and Penske Racing Inc. (Penske).
Castroneves, if convicted, could be facing serious jail time.
"Taxpayers, small and large, famous and not famous, should be aware of the enormously severe consequences they face if they fraudulently use offshore accounts to hide income, including potentially going to prison, paying back all their taxes plus interest and penalties, and being branded a felon for the rest of their lives," said Nathan J. Hochman, Assistant Attorney General of the Justice Department's Tax Division.
Here's Inside Line's take: Indy 500 Champ Helio Castroneves Indicted, Charged With Tax Evasion and Fraud
rick8365 says:
10:39 AM, 10/ 3/08
Do the crime - do the time. A shame, seems like a nice guy with lots of driving talent.
jederino says:
10:59 AM, 10/ 3/08
pfff - he'll get a slap on the wrist, and then Congress will appoint him to the Board at Fannie Mae and Freddie Mac...
estreka says:
02:17 PM, 10/ 3/08
The IRS has become a headhunter organization. I assure you Helio wasn't the one that ran to the press to report this discrepancy.
firstwagon says:
05:09 PM, 10/ 3/08
Looks to me that he could get more time in jail for this then if he killed someone.
Seems to be something serious warped about the amount of power the IRS has.
It's a minor crime that should be handled with financial penalties , not jail time.
Prisions are for criminals.
incady says:
06:28 PM, 10/ 3/08
He'll probably won't get too much jail time - probably comparable to Wesley Snipes (he got 3).. I disagree that just b/c it's a financial crime, that there shouldn't be jail time. Jail time for money laundering is a tool that prosecutors need to get at criminals who are involved in more serious crimes.
subytrojan says:
11:57 PM, 10/ 4/08
Helio pleaded not guilty yesterday. I hope he's not!
ateixeira says:
12:46 PM, 10/ 7/08
Say it ain't so...we don't have enough good brazilian role models as it is.