Lawrence Damilola

Hi Guys, I am Lawrence and I started working for YourPokerDream as a content manager since 2019.
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· Published 14.12.2020 · last updated 19.12.2020

Poker Pro faces prison charges for tax evasion

The United States Attorney for the District of Connecticut, John. H. Durham, and Joleen Simpson, the Acting Special Agent of the Internal revenue service (IRS) in New England, announced that Guy Smith, aged 62 of Shelton, acknowledged that he was guilty of tax evasion during a video court appearance.

Documents from the court revealed that Mr. Smith has numerous investments and owns Centerline Interior LLC, which focuses on commercial interior construction.

However, the Federal prosecutor said Smith is also a “professional poker player and has played in many poker tournaments in casinos in Connecticut and other known casinos around the U.S  and the Bahamas.” 

According to the prosecutors, Smith withdrew funds from his numerous bank accounts to support his gambling business.

Between 2012 and 2016 Smith gave a summary of Centerlines’s income and expenses to his tax preparer for his income tax returns.

Mr. Smith did not provide his tax preparer/agent any bank statements at all, the prosecutors also said. During that period, the prosecutors said Smith collected about $482,000 as returns from Centerline Interiors that he failed to report for proper documentation and records.

The United States prosecutors said Mr. Smith kept secret his gambling income from his tax agent/preparer, paying no income taxes on more than $1 million in gambling winnings, despite the fact that the IRS brought to his notice that he had to report all his winnings.

The Federal prosecutor said Mr. Smith failed to pay a combined total of $821,415 in Federal income taxes, thereby breaching US tax law. He will be sentenced on 4th March 2021 and, according to reports, may face a five-year jail term.

The US state prosecutors said Smith agreed to pay back everything (as well as interests and penalties) as part of a plea agreement.

The case is being investigated by the internal revenue service (IRS), Criminal Investigation Division, and prosecuted by Assistant US attorney, Micheal S.McGarry.

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