Question about bookie being busted

[layinwood]

I'm trying to find out an answer about what happens when a bookie gets busted. Let's say the feds come in and bust him, take his money and anything else involved in the book and fine him let's say 10k. He also gets probation from the court.

After that can and does the IRS do anything? I'm trying to remember the story of an old man I was friends with 20 or so years ago and he got busted. I thought he told me that the IRS came in and had a formula for how much he would have to pay them based on his take or his action. I really think it was based on his action and they had a % they used.

Does anyone know for sure how it works?

 

[THUNDER]

I'm trying to find out an answer about what happens when a bookie gets busted. Let's say the feds come in and bust him, take his money and anything else involved in the book and fine him let's say 10k. He also gets probation from the court.

After that can and does the IRS do anything? I'm trying to remember the story of an old man I was friends with 20 or so years ago and he got busted. I thought he told me that the IRS came in and had a formula for how much he would have to pay them based on his take or his action. I really think it was based on his action and they had a % they used.

Does anyone know for sure how it works?

As far as the IRS it is what they can prove. If they get the books (ledgers) -Then they have that proof. The big issue is evasion- A criminal offense. Since they are a completly different entity than lets say the FBI. Whatever is agreed upon with them has nothing to do with the IRS. But a good Attorney will roll the 2 together. The key for the IRS is hard proof of time and collections. If they estimate with no real proof a good attorney will beat it in arbitration.

 

[Agent 0659]

Sorry for your loss.

 

[hedgehog]

Sorry for your lost.

Fixed it for you :0003

 

[JOSHNAUDI]

http://www.tdcaa.com/node/5649

Help from the IRS on gambling cases


[FONT=verdana, arial, sans-serif]The Internal Revenus Service offers training and support for law enforcement and prosecutors dealing with gambling cases. What follows is an email from IRS agent Joe Kingeter detailing what the agency can offer.

[/FONT]
[FONT=verdana, arial, sans-serif]?We are making law enforcement and prosecutors aware of our program and the benefits we can provide. There is federal excise tax of 2 percent of the gross wagers accepted by an illegal bookmaker, specifically for the activities of illegal sports betting and illegal lotteries. Any old or new cases that you may be willing to submit to us would be greatly appreciated. There is no statute of limitation on these cases so it can be several years old. Some of the assistance that we offer are:[/FONT]

Going to miss Brewer big time

 

[layinwood]

A book here in Plano got busted. It was a network of guys up here that had an FBI agent working in the network to bring them down. From 2007-2011 there was 5.4 billion in bets taken in.

He f'ed me out of a ton of money years back so I'm hoping he gets hit hard.

 

[dunclock]

they can also apply RICO on them and freeze/obtain all assets

happened to a big gambling bar here in Nashville years ago ... they had over $34k in the safe JUST for the 33 club in football ... took everything, shut down the bar, and claimed his home assets :scared

 

[Allen80]

http://www.dallasnews.com/news/comm...bust-major-north-texas-gambling-operation.ece

 

[layinwood]

http://www.dallasnews.com/news/comm...bust-major-north-texas-gambling-operation.ece

Yep, these guys are getting hit with probation and 10k fines. I guess they also give up what was seized although all of them have made request to get the money and items back.

It seems to me the best living would be as a bookie. Make your money tax free and then pay your fine. Who cares if you have probation on your record. Actually I doubt this is even on their records.

 

[hedgehog]

victimless crime carries lower punishment, I agree with layinwood, being a bookie is not bad business, if you are caught its a slap on the wirst

 

[THUNDER]

If your smart and stay away from the evasion charges. Being a book is a slap on the wrist. The key is to stay away from the violence. Which means you need to pick and choose your fights, Also forgive some debt.

 

[Morris]

If your smart and stay away from the evasion charges. Being a book is a slap on the wrist.

Exactly. A friend of mine got nailed years ago and walked away. He said "I got a slap on the wrist".

 

[BuckwheatJWN]

Other than participation in other illegal activities crossing state lines is what gets bookmakers in trouble as much as anything else. It's what draws the FBI's attention to them.

 

[yyz]

they can also apply RICO on them and freeze/obtain all assets

 

[dunclock]

lmao yyz ... that is a liability and not an asset :mj07: