Entering the fourth day of deliberations in the tax evasion case of Indy Racing League driver Helio Castroneves, series
officials now have to be seriously wondering what will become of the month of May if he is cleared. Officials for Team Penske
have intimated that they will put the wayward racer back behind the wheel if he is exonerated.
Castroneves is charged with failing to pay taxes on $5.5 million earned between 1999 and 2004. Castroneves is claiming he’s innocent. But with deferred payments and off-shore accounts part of the discussion—fair or not—Castroneves, if exonerated, is going to be seen in certain circles as a guy who beat a tax evasion rap.
So, if Penske puts him in a car this May in Indianapolis, you have to wonder what the main storyline is going to be. I can tell you, it won't be Ryan Hunter-Reay's new Izod deal. While I’m sure there will be happiness within the open-wheel fraternity for the much loved Castroneves, the IRL marketing staff will be left to figure out how to spin this. While they’re likely to get kid-glove treatment from their new broadcast partner Versus, other media won’t be as kind.
And while some think there’s no such thing as bad media exposure, this type of baggage couldn’t come at a worse time. The league has made traction in some sponsorship circles and remains desperate to find a title sponsor by the end of this year. While the IRL will be trying to focus attention on its new sponsors, including Hot Wheels, Apex Brasil, Orbitz and the National Guard, many media outlets are bound to be laser focused on Castroneves and his case.
If somehow the two-time Indy 500 champion end’s up in the winner’s circle—or even on the front row for the start, the media storm is sure to be intense. The way teams pay their drivers will almost certainly be explored by investigative reporters. What should be a glorious kick-off to the Indianapolis Motor Speedway’s centennial celebration, could turn into a bumpy ride.
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Thanks roger!
Even if convicted, many people will consider him a Robin Hood type hero and someone unfairly persecuted by the government. Look at the tax rally's all over the country today. Taxes and tax collectors are not real popular right now.
Where's Denny Crane when we need him?
Castroneves received $5 million from the licensing deal with Penske, though it was paid to his annuity in the Netherlands in 2003.
Castroneves, who owns a Coral Gables mansion, also received $530,000 from a Brazilian trading company that sponsored him just before he hit the big time a decade ago as an IndyCar driver with Penske. So far, Castroneves has paid taxes on only $50,000 of his earnings from the Brazilian sponsor, Coimex Internacional. There has been no mention of Helio or his sister Kat giving anything to the poor! He's no Robin Hood!!! Some might even call him a thief! And by doing so, he shift the tax paying responsibilities (for services all citizens enjoy) to others, many less fortunate than he. This will not be easily forgotten, even if he weasels his way out of this.
It certainly won't reflect on IRL or the 500 whether he's exonerated or not. As for a media storm, I can only hope.
90% of the American public lost interest in the case the day after it was filed. They do not follow it, and know little about it. If Helio stole money like Bernie Maddoff, then they would be upset. If he is accused of stealing from the Government, they could careless. Right or wrong, that is our society.
Bad advice or whatever, I say our society operates with two different set of laws. Those that make them get one set while the rest of us operate under another. If nominated for a cabinet post with $500K in back unpaid taxes it is ok to just pay up with never a case, etc. hence set of rules #1. But if you pay the experts to help you or guide you then everything you do is criminal and will be prosecuted to the highest intent of the law, set of rules #2.
Shoot right here in Indiana we had a tax amnesity program for people with back owed taxes. Come in and pay them during that time and there is no repercussion. The IRS is just another bully in the government playground who are allowed to work opposite our constitutional rights innocent until proven guilty.
This country is rapidly approaching an upheval of people versus the government. They operate a do as I require but not as I will.
I tend to doubt this. Maybe the few that cover the earl, but no one covering nascar is gonna touch it, and the story is not big enough for a 60 Minutes or similar to go digging into it. Though they, and the Feds, should be investigating the shenanigans of Anton H George and his relatives. That would be interesting.
Nonetheless, the 'league' is simply not popular enough to warrant the attention. The sooner this translates into its complete disappearance from the planet, the better.
It is completely reasonable to think that he believed his advisors that he had correctly used a tax loophole.
Helio is one of several drivers who has made Indy cars exciting again. I do hope he is exonerated and I do hope he returns to Indy--I look forward to seeing his smiling face behind the steering wheel.
I wish the government would spend more time prosecuting the people they are 'bailing out'!
Yeah, Stan, be careful, you might find yourself being fitted for a new pair of concrete shoes!
sarcasm, ya old codger! try it sometime!
If anyone thinks otherwise, why have so many of our current presidents nominees for his cabinet been found lacking when it comes to paying their taxes, and they were already in the government. Talk about selective enforcement!
Bi-Girl Fan, Duh on me! You're all over it once more. Salute!!!
This is hardly a government witch hunt with a 50/50 chance of being successful. The government doesn't indict with only having a 50% chance of winning.
Nonsense. The conviction rate on these cases is around 97%. Why do you think Helio was offered a plea bargain? Anything can happen but it is not looking good. Obviously if the innocence was clear the jury would be back.
Is that a threat, tough guy? You all hammered out of your mind on Oval Vodka?
This coming from the hypocrite always crying about name calling and foul language. Not that I am surprised.
Helio will return to racing and this will be but a speed bump. The problem with these cases is that the tax law is so complex, the average citizen cannot comprehend all of the twists and turns of it. Same thing happens with technology cases etc....
You can guess all you want but there are no minor counts involved. All of the charges are felonies and ANY guilty conviction will fall under federal mandatory sentencing guidelines.Even the plea deal Helio was offered included prison.
Care to read my post and your comments again from yesterday?
As an experienced tax attorney, most juries can't wait to acquit someone unless the tax crime is so egregious, they can't overlook it.
The IRS went after him because of his celebrity, nothing more, nothing less, and now they have nothing to show for it except a waste of our tax dollars. They won't pursue the conspiracy charge.
These guys are gone on to trying to slam the IRL on some other issue. When proven wrong they jump ship. They cannot admit when wrong.
Not really. I was walking my dog earlier today and stepped in a big pile of tax attorney.