• Oct 3, 2008
Helio Castroneves has known only success in pretty much everything he's ever attempted, whether it be open-wheel racing or his fancy footwork on Dancing with the Stars. But the Brazilian-born driver is going to need more than quick feet and a knack for racing to get the Internal Revenue Service off his back. The two-time Indy 500 champ, along with his sister/business manager and lawyer, is in a world of legal hurt after being indicted by the IRS on six counts of tax evasion, which could send the talented driver to prison for up to 35 years. Castroneves was allegedly using an offshore bank account to hide millions of dollars from the U.S. government, which is a really bad idea, especially if you get caught. He received a $1 million driver agreement and $5 million licensing agreement from Penske racing for 2000-2002, and he allegedly stuffed the $5 million into an offshore account via a deferred royalty plan for which he wasn't eligible. For its part, the IRS seems intent on making an example out of Castroneves, saying "This case sends a clear message that the IRS is committed to vigorously enforcing the lax laws and stopping offshore tax evasion."

[Source: Market Watch, Photo by Robert Laberge/Getty]


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    • 1 Second Ago
  • 30 Comments
      • 6 Years Ago
      That's what you get for listening to your dumb sister.
      • 6 Years Ago
      Good grief, Helio, are you out of your frickin' mind? Taking lessons from Wesley Snipes? I am speechless.
      • 6 Years Ago
      Maybe if he's lucky the American financial system will collapse in time to make his infraction worth less than a a loaf of bread.
      • 6 Years Ago
      What he should have done is move his official place of residence to someplace like Switzierland or Monaco. That seems to be what many of the Europeans racers do anyway.

      • 6 Years Ago
      • 6 Years Ago
      Now if only the IRS would apply the same standard to US corporations that park their income offshore.
        • 6 Years Ago
        They would do that, but half of our Senators and Representatives would end up in jail too.

        Apparently, the key to tax evasion is discretion.
      • 6 Years Ago
      I don't get why rich people do stupid things like this.

      You have tons of money, why even bother risking it.
        • 6 Years Ago
        Rich people generally hire people who do this stuff to/for them and assure them it's all perfectly legal.
        • 6 Years Ago
        GREED!
      • 6 Years Ago
      Dumbass. There are so many legal (but morally questionable) ways to reduce your tax liability. He just got *really* greedy, on top of the normal greed well all gave :)
      • 6 Years Ago
      I never liked this bum anyway.

      Go hang with that moron now stupid.
      • 6 Years Ago
      Does putting a man in prison and supporting all his needs for 35 years really cost less than he missed in paying taxes? That's just ludicrous. Here's a good idea for punishment: pay back the taxes.
      -N
      • 6 Years Ago
      He seemed like a nice guy on that Dancing show too. Money does not buy happiness people. It sucks he is bringing his sister down with him too.
        • 6 Years Ago
        More like she is bringing him down. It is much more likely that she knew what was going on and tried to sheild him from it.
      • 6 Years Ago
      The United States Internal Revenue Service has the awesome power to cripple entire industries, stop global corporations, and silence the CEO's of these empires with a single compliance letter. It's silly to think Helio could hide from the long reach of the IRS.

      I've oft thought the U.S. should have sent an "army" of IRS agents to Iraq instead of the U.S. Army. It truly would have been "Mission Accomplished" within 24 hrs of "wing-tips on the ground".
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