A Miami jury has acquitted two-time Indianapolis 500 champion Helio Castroneves on six counts of federal tax evasion and deadlocked on the final charge of conspiracy.His sister and business manager, Katiucia Castroneves and sports attorney Alan Miller were also acquitted. The jury was hung on one charge for Katiucia.
It marked the end to a six-week trial and more than six days of deliberation which included calls for a mistrial from Castroneves' defense team.
The three faced more than six years in prison if convicted. Castroneves was accused of failing to pay more than $2.3 million in taxes from licensing and sponsorship deals between 1999-2004.
The trial forced Castroneves to give up his seat in the IRL IndyCar Series for at least the first race of 2009 held two weeks ago in St. Petersburg, Fla. The series resumes action this weekend in Long Beach, Calif.
Check back with FanHouse for more details as the story unfolds this afternoon.
Reader Comments (Page 1 of 1)
4-17-2009 @ 3:43PM
CHUCK KEPLER said...
This is a good example of how our government wastes our tax dollars.
I do not know how they continue breathing with their heads up their collective asses.
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4-17-2009 @ 3:44PM
nascar lugnuts said...
What a wonderful outcome!! I am so happy for him. Helio, your prayers were answered. Now go WIN some races !!!
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4-17-2009 @ 5:09PM
madge said...
It will be great to have Helio back behind the wheel, no doubt winning.
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4-17-2009 @ 9:05PM
Betty said...
AWESOME HELIO!! He is a wonderful person and I am so very happy for him. Why doesn't the IRS focus a little more on major companies. GO HELIO - get that championship! INDY luvs u
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4-18-2009 @ 12:50AM
jaime said...
A normal taxpayer can only place approx 20k in a 401k (deferring taxes) per year. Helio placed 5 million (deferring taxes) off-shore in a single year and left it there for at least 5 years. He now has the interest that the 5 million made for the past 5 years. He will now pay taxes on the 5 million (not the interest!). Why are you applauding that? These rules do not apply to anyone but celebrities and the few people rich enough to afford lawyers like Bob Bennett and Roy Black.
Helio should have had 3.5 to 2.5 million to invest instead of the 5 million.
I would have had to pay taxes on 5 million when it was paid to me. I would also have to pay taxes on the interest that I made on the funds on the backend of the deal.
Helio played the game well. Helio unfortunately had a prior civil case where all of this information was tossed around. The fed's were somehow told or learned of the 5 million dollar plus issue. I am just guessing that Helio would never have paid taxes on the 5 million if this wasn't brought to the attention of the feds.
Helio's attorney closing statement was that he had an idiot as a client. They told him to drive and that's what Helio did. It wasn't Helio's fault.
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4-20-2009 @ 9:07AM
Kim said...
jaime:
Although I have not followed Helio's case personally, I must agree with your overall comments. I do not understand why anyone on here would be applauding the fact that this man got off scott free. As you stated, the tax laws are not the same for the rich and famous as they are for us middle class folks. I for one am tired of paying into a system that does absolutely NOTHING for me and is borrowing MY money meant for my retirement to pay government loans and bills and I am supposed to take comfort that it may or may not be there when it's my time to retire and collect! Any corporation that would do such thing would be prosecuted. Oh wait....they have....ENRON, Adelphia Cable and many others. Why is our government not held accountable for spending (stealing) our money???
The only retirement fund my husband and I have is a savings box that we put a little bit of money into here and there and then his 401 K, which was great until the company he works for, UPS decided to quit matching or contributing into the fund. What a bunch of crap! My husband has busted his butt for this company for almost twelve years and I know UPS isn't hurting for money. The first thing they cut; our medical benefits and our 401 K benefits.
I wonder....where is the public outcry in this country for those of us who work so hard for a living and have so little to show for it? It is the middle class that carries this country, yet we are the class of people our government coninuously takes advantage of and discards to the side whenever they see fit. I for one have had enough! I no longer am interested in the lifestyles of the rich and famous until I hear that they too are being affected by the recession like the rest of us hardworking Americans are!
Kim
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