Former Casino Owner Gets 15 Months for Tax Evasion
The former owner of Lucky Chances Casino in Colma, Calif., was sentenced to 15 months in prison and ordered to pay $973,841 in income taxes.
Rene Medina had previously pleaded guilty to tax evasion.
According to the plea agreement, Medina admitted that from July 1999 to June 2007, he was the sole shareholder of Lucky Chances, a casino/card club.
Lucky Chances filed U.S. Income Tax Returns for a Subchapter S Corporation (Form 1120S) with the IRS for the tax years 1999, 2000 and 2001. In filing as a Subchapter S Corporation, Lucky Chances’ income should have been reported on Medina’s personal income tax returns.
Medina also admitted that he evaded payment of his federal income taxes by causing Lucky Chances to make payments for personal expenses and fictitious business expenses in the amount of more than $1 million.
These payments were expensed by Lucky Chances on its books, records and tax returns as ordinary and necessary business expenses. The personal expenses included furniture and redecorating services for his personal residence in Atherton, Calif.
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August 11th, 2009 at 10:43 am
Hooray, Hooray. It is about time that crook got caught. Underpaid his empolyees, was rude and verbally abusive to workers. Ordered wine to the Casino then took the $1000.00 a bottle wine home to bring to the Philippines. Cronyism never stops in politics. He has been a crook since he started Lucky Tours.
He needs more time to think over what a lousy American he is.