Helio Castroneves Acquitted of Tax Evasion

helio_castronevesHelio Castroneves was acquitted Friday of all five tax evasion charges stemming from his alleged formation of foreign shell corporations to hide certain racing revenue.

ESPN reported that the case really ended up coming down to testimony from Castroneves’s father regarding the original formation of the foreign corporations. He claimed his son never had any control or ownership interest in the corporations and that Helio had no control over their initial formation. The jury obviously believed Helio and his father regarding the tax evasion but was still hung on one conspiracy charge. The Government likely will not pursue the conspiracy issue any further though. Helio could have faced up to six years in prison had he been convicted.

Both Helio’s sister, who is his business manager, and Alan Miller, Helio’s attorney responsible for his financial planning and structuring, were acquitted of their tax evasion charges as well.

Advertisements

2 responses to “Helio Castroneves Acquitted of Tax Evasion

  1. Pingback: It’s Time to Go Racing « 23/7 Sports

  2. Pingback: It's Time to Go Racing « 237sports

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s