Poker has been good to Michael “The Grinder” Mizrachi. But his financial fortunes have hit the skids in recent months. Earlier this year, both his home and a rental property were lost to foreclosure. Then the Internal Revenue Service hit him with a tax lien for nearly $340,000.
A Twin Cities agent of the Internal Revenue Service, who had filed for bankruptcy approximately two weeks earlier, allegedly offered two businessmen a deal: I’ll cut your tax liability by more than 80 percent if you pay me $9,700.
The discovery of alleged fraud at Koss Corporation highlights some of the potential dangers that can lead to fraud within a company and demonstrates how small companies can be susceptible to massive losses.
Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Former Lehman CEO Richard Fuld, in his appearance before the U.S. House Financial Services Committee last week, blamed rumors, timing, regulators, and a “crisis of confidence" for the fall of the investment firm.