Vinnie Paz files for bankruptcy

PROVIDENCE, R.I. -- Former boxer Vinny Paz has filed for bankruptcy after accumulating more than $2 million of debt. The five-time world champion owes hundreds of thousands of dollars to the Internal Revenue Service, Las Vegas casinos and a number of friends, according to court documents. Paz told The Providence Journal that he filed for Chapter 7 bankruptcy protection after playing the stock market in an attempt to cover his gambling debts. "I just lost a million dollars in the stock market, about a month ago, so that, like, did it for me," the 42-year-old Paz said. Court documents show Paz owes $291,000 to The Mirage Casino Hotel in Las Vegas. He also wrote bad checks at other Las Vegas casinos, resulting in an arrest in 2003 while he was staying at Foxwoods Resort Casino in Connecticut. Paz owes $608,000 in back taxes to the IRS and state of Rhode Island, and $110,000 to friends who lent him money during the past two years. "He is blessed with many friends," said Paz's bankruptcy attorney, Peter Berman. "He has helped many people in his life." Paz, who has been known to give friends expensive gifts, earned about $6 million during his boxing career. However, he has made less than $12,000 this year from work as a television sports commentator and product endorser.