- Days left
Last year, actor Wesley Snipes was sentenced to three years in federal prison after he was convicted of tax evasion. He's been allowed to remain free while he goes through the appeals process -- but that hasn't helped him avoid other financial problems.

The New York Post reports that Snipes may have lost "millions" to an alleged Ponzi scheme run by Lincoln Fraser and Jared Brook. The pair went on trial in England at the end of last month on charges that their investment company Imperial Consolidated bilked investors out of nearly $400 million.

So to recap, here's how Wesley Snipes' financial strategy appears to have worked out: He evaded taxes, resulting in massive fines and a probable three-year stint in federal prison. Then he took the money that he was skimming and invested it in an alleged scheme where he ended up losing it anyway. That's like cheating on your wife and getting a deadly STD in the process.

Meanwhile, Snipes is set to return to the big screen with director Abel Ferrara in an action movie called Game of Death. The pair last worked together on the 1990 cult classic King of New York.

Increase your money and finance knowledge from home

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

Intro to different retirement accounts

What does it mean to have a 401(k)? IRA?

View Course »

TurboTax Articles

Ways To Increase Your Tax Refund You Never Thought About

Laying the groundwork for a tax refund requires some simple tax planning, a little research and some forethought. Reviewing your tax status, consulting your spouse when filling out your W-4s and taking advantage of several tax credits can help you increase your tax refund. TurboTax also can help decide which credits can get you the biggest refund.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

9 Things You Didn't Know Were Tax Deductions

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook.

Add a Comment

*0 / 3000 Character Maximum