3/24/2009

Helio Castroneves- The Whole Story

This ESPN article is the most comprehensive and easy to understand account of the tax evasion case two-time Indy 500 champ Helio Castroneves finds himself in today.
On the afternoon of Nov. 4, 1999, the four-document deal was signed. Helio and Kati Castroneves focused purely on the bottom line ($1 million over three years plus a percentage of prize money won on the track, with a $5 million deferred bonus payment) and chose not to go point-by-point through the deal, merely turning to the last page and signing.
Had they read through the agreement, and perhaps had Miller's office not been in such a hurry to have the deal done, they would have seen that Helio was listed as the owner of Seven Promotions. The defense claims that it was all merely a clerical error, a misunderstanding. The U.S. says that it is evidence of the truth -- that Helio Castroneves owned and managed Seven, and thus is responsible for what the government believes was the company's role as a tax shelter.
Thanks to Ryan McGee and ESPN.