From the Daily News:
Robert Potenza's testimony in federal court offered a rare glimpse into the inner workings of a jiggle joint - from his $1.5 million salary to the club's $4.50 cut on every $5 ATM transaction fee.
He says the tax agents who grilled him about the finances of Gallagher's 2000 in Long Island City were babes in the woods when it came to flesh peddling.
"They didn't seem like they knew much about my business," he testified.
The feds are seeking the forfeiture of nearly $900,000 seized from Potenza's TD Bank and Merrill Lynch accounts.
Government lawyers say he made more than 100 deposits of four-figure sums to avoid federal reporting requirements for transactions over $10,000. That practice is called "structuring" and is a red flag for tax evasion.
In a civil bench trial last week, the strip club king insisted he pays his taxes and said his mammary mecca is just a cash cow.
Monday, July 18, 2011
Another fine upstanding jiggle joint
Posted by Queens Crapper at 12:10 AM
Labels: strip club, tax evasion
The guy makes lots of money because there is a big market for what he is selling. What's the problem?
This was a pretty lame attempt by the DN to sell papers. It was the big cover story, but there was really no story behind it. The guy makes 1.5 mil and keeps cash around. This is news??
"Government lawyers say he made more than 100 deposits of four-figure sums to avoid federal reporting requirements for transactions over $10,000. That practice is called "structuring" and is a red flag for tax evasion."
If he was evading taxes on this money, wouldn't he just not deposit it at all? Our tax dollars hard at work. I wonder how much they spent investigating this guy.
They're all boobs!
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