The Streets Diary

The Streets Best Kept Secrets Exposed

Posts Tagged ‘Internal Revenue Service’

Beanie Sigel News – First foreclosure, now Tax evasion “C’mon Son”

Posted by yoMcLovin on October 7, 2010

The “great opportunity” asking price for the brick Colonial in Landsale with two fireplaces, skylights and 9-foot ceilings was $349,000. Yet even though the opening price at the Montgomery County sheriff’s sale was just the property’s $264,000 mortgage debt, nobody bid.

So a Utah bank simply took back the deed for the house of Dwight Grant, aka Beanie Sigel.

By yesterday, the foreclosure was the least of his problems. U.S. Attorney David Memeger announced his office charged the 36-year-old with failing to file tax returns from 2002 to 2004. An IRS investigation determined he earned more than $1.54 million during that time. The minimum income to file is less than $24,000.

Though Grant faces three years in federal prison, a $300,000 fine and one-year supervised release, his attorney Fortunato Perri Jr. said they’ve been working with the government to resolve the tax issues and “hope to do so in the near future.”

“There’s no question he didn’t file the returns. It was from a time when he was struggling with earlier criminal problems and others were handling his money while he was incarcerated,” Perri said. “Someone put hands on his money when they shouldn’t have.”

Grant was sentenced to a year and a day in prison after being guilty of federal weapons charges in Oct. 2004. The initial foreclosure filing was Halloween 2007.

“He’s alright. It’s something he was aware of,” Perri said of Grant’s reaction.

More about Beanie Sigel

Posted in News | Tagged: , , , , , , , , , , , | Leave a Comment »