Posted on 10/06/2017 11:49:43 AM PDT by springwater13
“Some people buy chips with money earned elsewhere and get a check from the casino when they cashes in the chips.
It’s how people launder money”
Yup, right on the nose - he worked for IRS at one time I believe - knows how to record keep so he can deduct his “losses” from his “winnings” and pays tax on the rest of the money - - - PRESTO - instant clean money - IRS is happy for the income, don’t look any further
Like Gabbie Gifford’s shooter, Scalise’s shooter, this is likely a hateful liberal seeking to kill the impediments to his utopian vision, driven and empowered by liberal rhetoric.
I’ve read elsewhere that his “earnings” have the whiff of laundered money. Is it within the realm of possibility that this guy could regularly earn this kind of money from actual gambling?
I keep hearing he was an Accountant, as someone who works in the profession, while it is certainly possible to become a multi-millionaire doing it, to get to that level you would have to run, or be a partner in, a pretty large firm and have some big name clients. I can't find one single person in the profession who has ever heard of this guy or what firm he worked for, or who his clients were. I have serious suspicions his "Accounting" work was for a drug cartel or other organized crime activities, that would explain much of how he became so wealthy doing it, with seemingly no clients or paper trail.
That’s why I say, if he wasn’t laundering money, he’d have to be a Powerball winner to play that kind of money in a year (in most cases) unless he had something like Kennedy money.
Correction - “made $5M in 2015 using casinos to launder money”
“Is it within the realm of possibility that this guy could regularly earn this kind of money from actual gambling?”
No chance. The casinos would not let him in the door.
--"winning" $5 million in Vegas would be about as likely as being hit by a small meteor---
1099s are not easy to fake nowadays. Two copies get sent to the IRS and they have to match. The IRS now requires all but the smallest payers to electronically upload the Copy A (payer copy) in bulk using a secret password registered at fire.irs.gov with a verified identity. The electronic filings then get cross checked with the info on the Copy C from the payee.
If somebody files a Copy C with their Form 1040 with no corresponding Copy A the IRS computers will flag it. If it is a one time exception and/or relatively small amounts the IRS will likely let it slide (you are over paying your taxes). But if it is chronic and/or big they will notify the authorities to investigate it further.
What I think was actually happening was that the casinos were filing real 1099 Copy As for his $5 million in winnings, but his offsetting losses (also in the millions) were also reported on his Form 1040. Losses are reported basically on the honor system, and he used this loophole to launder the 1099 money.
The real perpetrators shot Paddock before the massacre even began.
And they got away.....
Years ago my grandmother used to brag about coming up to Tahoe and winning $300 over the weekend. However, if you talked to my aunts, she came up with $500.
Casinos don’t care how much you win if your losses are big also. Especially slots. A good gambler on slots can win more than lose most of the time but cannot win all of the time.
Big wins usually require proportionally big losses.
IRS allows offsetting gambling winning with gambling losses.
Would be pretty risky with the tannerite, etc. in his car to just leave it in a wait zone.
“This screams money laundering.”
Which may explain why the brother made such a big deal about his gambling...even going as far as saying if the casinos say they don’t know Steve, they’re lying....
Lots of shady people are spreading $$ around in the form of US gold eagle coins... no way to keep track and you can sell them for cash money at any coin shop.
Great way to launder $$ or make payoffs...
Turn that pile of mystery cash into gold eagles and then resell them for cash...now you have clean money.
One would think then, that if “they” can report his winnings, “they” should also be able to tell us if he reported his losses (which, if he was a straight-shooter would most likely be within a few percentage points of his “winnings”).
Maybe I misunderstood you but buying poker chips with illegal money does not launder money.
Money laundering is when illegal money is reported as income through some entity or person, most commonly through a business. It is then reported as income on some tax return in order to be considered cleaned.
Someone here described it perfectly:
He gambles here and there and has to spend large dollars because he’s getting millions illegally..he likely loses loses hundreds of thousands each year (which is why the casinos love him) and then just reports income or even creates fake 1099’s and reports $5 million of income on his return.
The $5 million is now clean.
Didn’t he own or share ownership in apartment complexes? If so, these could possibly generate very good income, IMO.
Yes, what you said. They might have a “10 minute” unloading area, and he could have parked there to go back up for something.
Gambling losses can be deducted from gambling winnings.
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