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IRS/FBI Raid Company HQ of Browns Owner Jimmy Haslam
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sp6488


Joined: 14 Mar 2005
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PostPosted: Wed Apr 17, 2013 2:37 am    Post subject: IRS/FBI Raid Company HQ of Browns Owner Jimmy Haslam Reply with quote

http://www.forbes.com/sites/briansolomon/2013/04/16/fbi-irs-raid-billionaire-jimmy-haslams-pilot-flying-j/

Forbes wrote:
FBI and IRS agents executed sealed search and seizure warrants Monday and Tuesday at Pilot Flying J headquarters in Knoxville, TN as part of an investigation into one of the largest family-owned companies in the United States. Billionaire Jimmy Haslam, who runs the company as CEO in addition to owning the Cleveland Browns, said that Pilot Flying J is cooperating with the authorities.


Very interesting. One question I have (Disclaimer: not making any judgement as I know nothing about the situation) is what level of personal investigation the NFL does regarding potential new owners. I would think that it would be worth it for them to invest a fair amount of money into very deep dirt-digging prior to approving a new owner/ownership group.
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PantherDE90


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PostPosted: Wed Apr 17, 2013 2:46 am    Post subject: Reply with quote

Thanks Joe Flacco
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sp6488


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PostPosted: Wed Apr 17, 2013 3:04 am    Post subject: Reply with quote

PantherDE90 wrote:
Thanks Joe Flacco


I know, right?

On a serious note, while my area of expertise is not taxes (not even close) as a financial services professional I share in Haslam's confusion regarding the involvement of the IRS. Failure to accrue/pay rebates due to trucking company customers would actually increase the company's tax liability if I'm not mistaken, as this would inflate earnings. Furthermore, I'm not sure how a dispute of this nature would necessitate a raid rather than court action or mediation. Obviously we will need to wait for more information to come out.

RE: Football

I'm assuming any developments in this case, no matter what they end up being, will have zero impact on the Browns outside of a distracted owner. There's almost no (logical) way that I can imagine any legal action against Flying J would be able to reach Haslam's stake in the Browns.
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msuspartans#1


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PostPosted: Wed Apr 17, 2013 1:47 pm    Post subject: Reply with quote

Haslam seemed pretty sure in his presser that it's not a big deal. He seemed extremely confused as to why the IRS was involved because due to his knowledge it has nothing to do with taxes, just a discrepancy over rebate payments with a small group of customers.
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ditchdigger


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PostPosted: Wed Apr 17, 2013 9:40 pm    Post subject: Reply with quote

With the kind of lawyers you can buy as a billionaire, I can't see any way that the ownership of the Browns is at risk other than to say maybe a portion of the ownership group (specifically, the leader) may spend some time in federal prison.

With the kind of jail he'll land in if he is convicted, he'll be able to run the Browns from his "cell".

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FootballProdiG


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PostPosted: Wed Apr 17, 2013 10:45 pm    Post subject: Reply with quote

All he has to do is take of the leash on Trent Richardson and let him charge them.
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Jakuvious


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PostPosted: Wed Apr 17, 2013 11:00 pm    Post subject: Reply with quote

In fairness, the word raid is kind of...inappropriate. Given media representations of the word, I think people picture that as like, swat teams throwing stuff around looking for evidence. Overall it's...meh. There's a certain point in owning capital and possessing money where pretty much anyone could be investigated and find some fringe activity, legality-wise. Either way this ends up, won't effect him too much.
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Badger75


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PostPosted: Thu Apr 18, 2013 9:31 am    Post subject: Reply with quote

Jimmy Buffett...Margaretville...some people say there's a woman to blame... Cool
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plan9misfit


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PostPosted: Thu Apr 18, 2013 10:37 am    Post subject: Reply with quote

msuspartans#1 wrote:
Haslam seemed pretty sure in his presser that it's not a big deal. He seemed extremely confused as to why the IRS was involved because due to his knowledge it has nothing to do with taxes, just a discrepancy over rebate payments with a small group of customers.


It seems a little suspect that the IRS and FBI would execute search and seizure warrants just over rebate payments. I'm not saying that there's anything more because I have no idea, but it would lead me to believe that the IRS and FBI think it's something else.
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broncos67


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PostPosted: Thu Apr 18, 2013 10:58 am    Post subject: Reply with quote

plan9misfit wrote:
msuspartans#1 wrote:
Haslam seemed pretty sure in his presser that it's not a big deal. He seemed extremely confused as to why the IRS was involved because due to his knowledge it has nothing to do with taxes, just a discrepancy over rebate payments with a small group of customers.


It seems a little suspect that the IRS and FBI would execute search and seizure warrants just over rebate payments. I'm not saying that there's anything more because I have no idea, but it would lead me to believe that the IRS and FBI think it's something else.


Agreed. They don't really get involved for something that minor (in the grand scheme of things)
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The LBC


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PostPosted: Thu Apr 18, 2013 1:56 pm    Post subject: Reply with quote

Jakuvious wrote:
In fairness, the word raid is kind of...inappropriate. Given media representations of the word, I think people picture that as like, swap teams throwing stuff around looking for evidence. Overall it's...meh. There's a certain point in owning capital and possessing money where pretty much anyone could be investigated and find some fringe activity, legality-wise. Either way this ends up, won't effect him too much.

Pretty much. Government agencies, even at times when the issue has already been dealt with by the parties involved in advance of the actual "raid," still like to come in and make a big production of it because time and resources have been devoted to the investigation... and they want to get the national press that comes with it because it can have a direct effect on the funding they receive (or rather, the willingness of elected representatives and their constituents to keep funding coming their way).

Back to football: All in all, I'm not even sure I'd call this a black eye. It's a papercut. Momentarily painful and annoying, but really not that big of a deal after the initial slice unless there's an infection.
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PostPosted: Thu Apr 18, 2013 1:58 pm    Post subject: Reply with quote

plan9misfit wrote:
msuspartans#1 wrote:
Haslam seemed pretty sure in his presser that it's not a big deal. He seemed extremely confused as to why the IRS was involved because due to his knowledge it has nothing to do with taxes, just a discrepancy over rebate payments with a small group of customers.


It seems a little suspect that the IRS and FBI would execute search and seizure warrants just over rebate payments. I'm not saying that there's anything more because I have no idea, but it would lead me to believe that the IRS and FBI think it's something else.

Or they wanted it to look like there is because both offices have invested a fair chunk of time and money into the investigation prior to this. This is actually a lot more common of the FBI than I think a lot of people are aware, or want to be aware of.
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Babylon


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PostPosted: Thu Apr 18, 2013 6:16 pm    Post subject: Reply with quote

Updated article: http://www.cleveland.com/metro/index.ssf/2013/04/cleveland_browns_owner_jimmy_h_1.html

Quote:

CLEVELAND, Ohio -- Cleveland Browns owner Jimmy Haslam's travel center company for "many years'' engaged in a fraud scheme to keep money owed to customers as gas rebates, according to documents filed in federal court Thursday.
The documents further say Haslam knew about the fraud committed by top sales officials at his family business, Pilot Flying J, in which employees targeted unsophisticated trucking companies through a rebate program. Federal documents unsealed today also say he was present for discussions about the rebate fraud activities.
A 120-page affidavit to a search warrant (read the full text of the affidavit in the document viewer below) filed in U.S. District Court in Knoxville, Tenn., says Pilot Flying J sales employees withheld fuel price rebates and discounts in an attempt to boost the profitability of the company and increase their sales commissions.


So yeah, sorry Cleveland Browns fans.
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49ersfan


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PostPosted: Thu Apr 18, 2013 6:26 pm    Post subject: Reply with quote

Babylon wrote:
Updated article: http://www.cleveland.com/metro/index.ssf/2013/04/cleveland_browns_owner_jimmy_h_1.html

Quote:

CLEVELAND, Ohio -- Cleveland Browns owner Jimmy Haslam's travel center company for "many years'' engaged in a fraud scheme to keep money owed to customers as gas rebates, according to documents filed in federal court Thursday.
The documents further say Haslam knew about the fraud committed by top sales officials at his family business, Pilot Flying J, in which employees targeted unsophisticated trucking companies through a rebate program. Federal documents unsealed today also say he was present for discussions about the rebate fraud activities.
A 120-page affidavit to a search warrant (read the full text of the affidavit in the document viewer below) filed in U.S. District Court in Knoxville, Tenn., says Pilot Flying J sales employees withheld fuel price rebates and discounts in an attempt to boost the profitability of the company and increase their sales commissions.


So yeah, sorry Cleveland Browns fans.


So an NFL owner knowingly committing fraud, and getting busted? Seems like the worst-case scenario...

What implications does that have for the Browns? Could he lose his ownership stake?
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PostPosted: Thu Apr 18, 2013 6:28 pm    Post subject: Reply with quote

I can't believe this crap.

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