Manny, bob, and Michael facing jail?

It's possible boxing fans. Some of the most stringent laws in the world are tax related. Because of the amount of the principle, and the international aspect of the crime, Manny could be facing the toughest fight of his career. Criminal prosecution in the United States for tax fraud is an umbrella with many perquisites. The government only has to prove few elements for a conviction. They usually get some slack. Let's review some of them 1. Understatement of income 2. Inadequate records 3. Failure to file tax returns 4. Concealment of assets 5. Failure to cooperate with Tax authorities 6. Failure to make estimated tax payments Manny according to reports is guilty of all threse That's a problem, let's put aside the 50 million he owes and focus on the 18 mil stateside. Here is what the peoples champion faces - the CID, the scariest investigative team on the planet. They will tear his life apart . They will take their time, they will be public, they will expose him without emotion. -criminal prosecution. Conspiracy charges are not far fetched. Due to the sheer size of thè principàl, multiple players, and years of concealment, this could get ugly. -Jailtime, Pete Rose got 4 months, Chuck Berry got 5, Gucci got a year! Y'all don't want to know what they did to Willie Nelson -Restitution, plus court fees, plus 5 years interest, the reallocation of his assets, the seizure if his American bank accounts and homes and cars -IRS agents sitting ringside for the rest of time -deportation if he is caught in the United States -food for thought, Richard Hatch failed to pay taxes on the million he won on "Survivor", he got 51 months in federal prison!!! The conspiracy charges hurt, in the USA one hand does not have to know what the other hand is doing for all hands to be guilty. This is bad for all parties. The CID could spell the end of mannys career. All they have to prove is intent, manny has to create reasonable doubt, don't see him winning that fight. It is tragic to see this happen to the peoples champion, it makes me hate Arum even more , but Manny bears responsibility. This is of his own making, and now he has a $68 million dollar bill, and Uncle Sam nipping at his heels. God speed Manny

Comments (20)

I'm not informed on the whole issue but Bob would pay all that sh*t off before going to jail. Posted from Boxingscene.com App for Android You cannot payoff criminal charges dude

12y ago

checkhuk44

I hope fighters take note and leave bob As do all of us

12y ago

checkhuk44

My thing is how did he post pics of his taxes from the years in question if he never filed taxes? Case closed.... Do you truly believe that show he put for reporters was above board, if anything that pissed the government off

12y ago

Beercules

Your post sticks out in this debate brother. This is a fantastic discussion. Contribute intelligently or kick rocks bro I don't take any thread you post seriously. Sum it up for me I'm not reading every page before this. And for the record every thread you make sticks out brother.

12y ago

checkhuk44

While I agree...I also think a lifetime tax exempt would change everything. the US can never match that, they always gonna want their cut. There would have to be a long look taken at the upside of staying out of the US the rest of his career and taking the hit to his PPV #'s in exchange for the tax relief. a couple unknowns to me on this are china's tax code and how they would respect an exempt status from the phillipinnes. Also whether they can actually have the chinese buy ppv's eventually. If he can't get the exempt in the Phillippines, he has to fight in the states again to stay afloat, imo. he can probably bargain the IRS down to about 8-10 mill out of his next purse, on top of what new percentage the IRS takes. its not great, but after paying his team, promoter and the IRS, he could possibly break even at that point going forward. Totally reasonable argument. One thing I feel like everyone on this thread is missing is mannys actual options at this point. He has no options, they will tell him his options. Paying the bill might be futile, he is in danger territory based on the amount, and the duration. Legally his goose is cooked

12y ago

Syf

Mannys earning power and career will fall off to inescapable depths if he is forced to fight in china forever While I agree...I also think a lifetime tax exempt would change everything. the US can never match that, they always gonna want their cut. There would have to be a long look taken at the upside of staying out of the US the rest of his career and taking the hit to his PPV #'s in exchange for the tax relief. a couple unknowns to me on this are china's tax code and how they would respect an exempt status from the phillipinnes. Also whether they can actually have the chinese buy ppv's eventually. If he can't get the exempt in the Phillippines, he has to fight in the states again to stay afloat, imo. he can probably bargain the IRS down to about 8-10 mill out of his next purse, on top of what new percentage the IRS takes. its not great, but after paying his team, promoter and the IRS, he could possibly break even at that point going forward.

12y ago

checkhuk44

Did Floyd file assault charges or something ? Does anyone realize that this is a thread created by checkhuk? The worst poster on boxingscene? Your post sticks out in this debate brother. This is a fantastic discussion. Contribute intelligently or kick rocks bro

12y ago

checkhuk44

I think he can make far more money in the states than in China... the framework for that is just not there at this point. He should do one of two things... Pay the IRS what they say he owes, say F u to the Filipino tax claim, and fight out of the states for the rest of his career. Or cross his fingers for a lifetime tax exemption gift from his people. And fight out of China the rest of his career. Mannys earning power and career will fall off to inescapable depths if he is forced to fight in china forever

12y ago

Syf

So where will he fight and make serious money??? That rios but rate will force him to deal with this I think he can make far more money in the states than in China... the framework for that is just not there at this point. He should do one of two things... Pay the IRS what they say he owes, say F u to the Filipino tax claim, and fight out of the states for the rest of his career. Or cross his fingers for a lifetime tax exemption gift from his people. And fight out of China the rest of his career.

12y ago

checkhuk44

How is the IRS going to get Manny if he never fights out of the US again? If anything he should be worried about the Filipino allegations.. because as the treaty states, two goverments can't tax the same income, but if government A claims foulplay... then Government B can say you weren't taxed correctly in the first place. If anything, this will make his 50 mill battle in Manila all the more challenging, because it basically nullifies the protection of that treaty.... As I think of it, he should pay that 18 mill, to make the terms of the Treaty valid again , and make the 50 mill one in the Philippines go away. What a mess. So where will he fight and make serious money??? That rios but rate will force him to deal with this

12y ago

checkhuk44

Arum is too slick, too smart to go to jail. Koncz will be the fall guy if all else fails. He was not slick enough to keep his big mouth shut. He should have shut up when asked about Manny's taxes

12y ago

Syf

12y ago

Beercules

Did Floyd file assault charges or something ? Does anyone realize that this is a thread created by checkhuk? The worst poster on boxingscene?

12y ago

BUNGALOWS

agreed 100000% that Bob has his situation air tight, and he is a former US att, but, he clearly told the country that he automatically garnished Manny's checks, he is on the record several time, its clear that was a smoke screen, his company on paper appears to have eaten the profits, thats stealing from the government, thats punishable up to 20 years in levenworth, manny can most likely prove lack of intent, so his jail term, IF it happens, will be next to nothing, martha stewart territory Manny might be able to plead ignorance in something like this, but it's the IRS. They won't play that stuff. He can't just blame it on his accountants. He's an entity. He's a human being. They'll just say that he should have been aware or some BS.

12y ago

Carpe_Diem

Arum is too slick, too smart to go to jail. Koncz will be the fall guy if all else fails.

12y ago

checkhuk44

Oscar leaves Arum becomes cash cow Floyd leaves Arum becomes cash cow Cotto leaves Arum get career payday Manny stays and has over 60 million in back taxes lol! greatest post ever

12y ago

checkhuk44

Exactly,,, Bob is no fool, he aint messing with the IRS but he did, read the statues I outlined, Bob himself broke 3 of them, that is a BIG problem especially since Manny can prove Bob had power of ATT when making those decisions

12y ago

checkhuk44

Bob's probably covered his trail, air tight, and knows every loop hole in the book, or knows someone that does. Trust me. Bob's been in the game too long, to **** up on this level. Manny's the one with the wool over his head. agreed 100000% that Bob has his situation air tight, and he is a former US att, but, he clearly told the country that he automatically garnished Manny's checks, he is on the record several time, its clear that was a smoke screen, his company on paper appears to have eaten the profits, thats stealing from the government, thats punishable up to 20 years in levenworth, manny can most likely prove lack of intent, so his jail term, IF it happens, will be next to nothing, martha stewart territory

12y ago

checkhuk44

They're saying he owes back taxes. They're not accusing him of tax fraud. -David Do you even know the difference, look it up, don't BS us

12y ago

Cinci_Champ

people say its arums fault like pac is so dumb he just has no clue whats going on and hes so innocent and just clueless i mean seriously the guy is not stupid hes actually pretty smart. he may play dumb after fights but hes a smart guy

12y ago