Joe Francis Pleads Not Guilty To Tax Evasion Charges
Joe Francis found himself back in court Monday trying to defend himself against federal tax evasion charges that have him facing a possible 10 years in jail.
Francis reportedly deducted more than $20 million in fake business expenses on his companies’ corporate income tax returns for the years 2002 and 2003.
Prosecutors are alleging that he transferred over $15 million from an offshore bank to a California brokerage account in the name of a Cayman Islands company under his control.
He also allegedly charged over $10.4 million in fake consulting services and spent $3.75 million to build a home in Mexico as a business expense.
Francis’ attorney, Robert Bernhoft, says that Francis’s certified public accountant had filed the returns and signed them.
Then, two years later, the accountant demanded a bounty for supposedly exposing Francis as a tax cheat.
Bernhoft said Francis never saw or signed the tax returns.
He added, “The CPA’s mistakes have already cost Joe Francis millions in tax penalties and interest. It’s time for this persecution to stop.”
Bernhoft also said there would be “nuclear bomb-type developments” filed this week regarding the case.
Stay tuned for more on the developing case.
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