Lefty Might be in trouble

[Fijimn]

Looks like he is connected to about $3 million laundered money from illegal gambling proceeds.

http://espn.go.com/espn/otl/story/_...ermediary-was-part-illegal-gambling-operation

 

[JohnnieHolmesNole]

Phil definitely likes to gamble. Whether he violated the law, and/or whether he would be prosecuted, remains to be seen. "Big golf" is a very powerful machine that works quietly. I suspect they don't want a marquee figure like Phil being tarnished. Will be interesting to see what happens.

 

[Oclawaha]

Mickelson seems like a decent guy however I doubt uncle sam is worried about the very powerful machine that is big golf. The treasury dep't tends to take a dim view of those that would hide or launder earnings in order to illegally shelter them from income taxes.

 

[ReliableOstrich]

How fitting that he's the spokesperson / visor boy for a major US accounting and audit firm.

 

[DanC78]

Says he is not under investigation.

He must have made some bets that were perfectly legal to make to a guy who then tried to launder the money he made off Phil losing and is now in trouble with the law.

I could be wrong, just assuming that is the case after reading first paragraph of the article.

 

[Fijimn]

The Feds aren't really interested in busting the individual bettor/wagers - they want to bring down the syndicate. You'd be chasing your tail if you focused the investigation on the individual wagers.

Now, the question is, did he not pay taxes on his gains. That would get him into trouble.

Phil's bets were illegal. And his winnings would have be laundered to come back into the US.

 

[BillWesJay]

his winnings were almost certainly far exceeded by his losses

 

[Lemon Thrower]

his winnings were almost certainly far exceeded by his losses

irrelevant.

he's going to be in hot water with different Feds if he laundered cash winnings, even if he paid taxes on them.

this is a potential nightmare for KPMG.

 

[ReliableOstrich]

irrelevant.

he's going to be in hot water with different Feds if he laundered cash winnings, even if he paid taxes on them.

this is a potential nightmare for KPMG.

It's def a blackeye for KPMG but not like some sort of catastrophe, i dont think anyone is under the impression that phil is signing off on work papers or reviewing journal entries.

 

[AllNoles]

The Feds aren't really interested in busting the individual bettor/wagers - they want to bring down the syndicate. You'd be chasing your tail if you focused the investigation on the individual wagers.

Now, the question is, did he not pay taxes on his gains. That would get him into trouble.

Phil's bets were illegal. And his winnings would have be laundered to come back into the US.

Did he not gamble through Vegas?

 

[Fijimn]

Did he not gamble through Vegas?

Doesn't appear so - illegal offshore gambling through this bookie that was arrested by los federales.

 

[cmanole]

Puzzling to me why people gamble illegally, especially people with a lot of money...

 

[Fijimn]

Puzzling to me why people gamble illegally, especially people with a lot of money...

Tax evasion and reporting requirements.

 

[SeaPA]

F... I'm Going to jail. Awwww, Man.

 

[321Nole]

Biggest impact to KPMG is that they'll need to find another likable country clubber to wear a hat with their logo and to do once a year meet and greets.

 

[cmanole]

Tax evasion and reporting requirements.

That can't be the only reason though...

 

[RunRonnieRun]

F... I'm Going to jail. Awwww, Man.

Figjam is the GOAT nickname.