Prison Doors Slam on Fat Joe for Tax Evasion

By Teresa Ambord
 
The other shoe dropped last week on Rapper "Fat Joe" (Joseph Cartagena), not that it came as a surprise to him.
 
Last December, Cartagena pled guilty to charges of tax evasion on income of about $3 million earned in 2007 and 2008. The tax owed comes to roughly $1 million, and he was ordered to pay a fine of $15,000.
 
Since his conviction, he has been free on bail and making a concerted effort to pay off his debt, including releasing a mix-tape series. On August 26, as scheduled, the forty-two-year-old rapper reported to a Federal Detention Center in Miami. He'll spend four months there, followed by a year of supervised release.
 
"I did everything I possibly can to correct the situation," the rapper said. "I paid them back. It wasn't entirely my fault. I had a new accountant for like the last four years. And then you could see that my accountant that worked for me for the fifteen years prior to that always paid my stuff on time, always had it on time."
 
Cartagena's attorney, Jeffrey Lichtman, said in spite of the incarceration, his client is feeling upbeat and is looking forward to getting this behind him and returning home just before Christmas. 
 
Related articles:
 

You may like these other stories...

Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.