Poker Player, Sports Bettor Jailed for 14 months in $1million Tax Evasion Case
A Connecticut sports bettor and part-time poker pro has been sentenced to 14 months in prison for evading taxes on more than $1million of poker gambling winnings. He must also pay back more than $800,000.
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Guy Smith, 63, of Shelton, Connecticut was sentenced last week after striking a deal with prosecutors. He is the owner of Centerline Interiors LLC.
Smith refused to declare his poker winnings after repeated warnings by the IRS (Internal Revenue Service).
The DoJ’s U.S. Attorney’s Office for the District of Connecticut released this statement:
“For the 2012 through 2016 tax years, Smith furnished his tax preparer with a summary of Centerline’s income and expenses, which the tax preparer used to prepare Smith’s federal income tax returns. Smith did not provide his tax preparer with any bank statements. During these five years, Smith intentionally failed to report to his tax preparer, and to the IRS, approximately $1.1 million in income he received from Centerline Interiors.
“In addition, even though the IRS notified Smith on multiple occasions that he was required to report all of his gambling income on his federal tax returns, Smith concealed his gambling income from his tax preparer and paid no income taxes on more than $1 million in gambling winnings."
- Nagesh Rath, Gambling911.com
