The Las Vegas Mobster Museum has gone bankrupt with a debt of 5.8 million dollars and has filed for a Chapter 11 bankruptcy. The museum, after the FBI evidence room, has the world’s largest collection of crime artifacts.
The debt owed by the museum is proportionally more than the amount that Capone had owed to the IRS. Capone owed $215,000 to the IRS, at the time of his arrest in 1931, which is equivalent to almost 3 million dollars in today’s time. It had lead to 11 years’ imprisonment for Capone.
JVLV Holdings LLC purchased the Mobster Museum for 2 million dollars. The former developer, Jay Bloom, was accused of having overstated potential daily visitors and for paying credit card bills, personal automobile bills and grocery bills with corporate money. Depending on Mr. Bloom’s testimony, these payments might be violating the bankruptcy code under 18 U.S.C. § 152. In such a case, this statute states imprisonment of only five years, which is not as cruel as Capone’s imprisonment of 11 years.
Thus, it is worst to lie to the IRS than in a bankruptcy court and to avoid landing in such a problem, it is better to hire a bankruptcy attorney for proper aid and guidance. The Recovery Law Group provides the best bankruptcy attorneys of Los Angeles & Dallas, TX. You can contact them at www.recoverylawgroup.com or on 888-297-6203.