According to the NY Daily News, former reality TV star Mike (The Situation) Sorrentino and his big brother were accused in federal court yesterday of filing tax returns on nearly $9 million in income.
The 33-year-old “Jersey Shore” star and his brother/manager Marc Sorrentino pleaded not guilty in Newark Federal Court.
Facing up to 15 years behind bars if convicted, Mike Sorrentino, said “No, I’m not worried about it….That’s why I pleaded not guilty.”
The Situation and his brother are portrayed in the indictment as dumb and dumber for thinking they could hoodwink the IRS by faking their tax returns.
“To be old and wise,” he posted on Instagram, “you must first be young and dumb.”
Prosecutors said the brothers tried to dupe the IRS, but failed miserably.
“Rather than living in reality and reporting their true income, Michael Sorrentino and his brother Marc created the illusion that they earned less income by filing false and fraudulent tax returns,” said Jonathan Larsen, acting special agent in charge of the IRS criminal investigation office in Newark.
The seven-count indictment charges the brothers lied to an accounting firm hired to prepare their tax returns. They grossly underreported their income and claimed false or inflated business expenses from 2010 to 2012, prosecutors say.
The Situation didn’t even bother to file personal tax returns in 2011, despite earning nearly $2 million that year, the indictment charges.
Larsen said the Sorrentinos’ “business expenses” included several luxury cars, high-end clothes and even personal grooming costs.
They’re also accused of illegally funneling money from business accounts into their personal bank accounts.
The two are accused of conspiring to fail to pay federal taxes on $8.9 million in income earned through two companies they controlled: MPS Entertainment LLC and Situation Nation Inc.
Cashing in on his fame and ripped abs, Mike Sorrentino generated a fortune from personal and TV appearances. Big bucks also poured in from Mike Sorrentino’s endorsements of Devotion vodka, an online clothing company, a line of sunglasses, a tuxedo business, an autobiography and a comic book featuring The Situation as a superhero. He also got paid for pitching vitamins.
Who knew GTL could be so lucrative?
Read the full story here.
SOURCE: NY Daily