Originally Posted by accountinquestion View Post
Originally Posted by DGenBen View Post
Originally Posted by accountinquestion View Post
Why not just report the income to the irs?

Honestly the problem is the bookies do the same business that resorts world does, so the idea that ngc is protecting anyone is goofy.
What are you talking about Willis?

Did you even read the thread? Has nothing to do with the IRS, it is a money laundering case.

Not reporting earnings to the IRS is tax evasion.

This is money laundering which is essentially the opposite crime.

You have illegal earnings from an illegal bookmaking operation so you launder it through the casino making it appear to be legal earnings so now you CAN report it to the IRS as legitimate earnings & get it into the banking system to spend it.

This is why casinos have to report large cash transactions so if you cash in for $500,000 and then cash out for $450,000 you can’t say “Oh hurr hurr! Look I have $450,000 in income that I legitimately won at the casino!”

The casino reporting that you bought in for $500,000 would prevent this.

But if the casino doesn’t report that now any money you cash out from illegal book making, drug dealing, or pimping out 14 years olds can now be reported as legitimate income from casino winnings.
Yea I was missing a few there. I should have known the answer in regards to getting the $$ back into the banking system. I was more fixated on the fact you can pay your taxes and don't need to launder anything... but yea it isn't in the banking system and you still have no excuse for the cash.

But my point about ngc doing anything stands. There is no entity they are even protecting here outside of law abiding citizens who have nothing to do with the situation. If there is ever a case ngc looks the other way over I would expect it in a scenario such as this.
Fair point but how often do individuals get let off with small slaps on the wrist when they commit victimless crimes?