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Tocchet Takes a Hit

Kelly Phillips ErbMay 25, 2007

I know, my husband is probably hunched over his PowerBook in disbelief (though probably also mumbling that Tocchet never won us a championship…) about Rick Tocchet.

As previously reported, former Philadelphia Flyers star Rick Tocchet has been charged with masterminding an elaborate and illegal gambling ring in New Jersey. The charges could have landed him in prison for up to ten years.

In a surprising move, despite his prior protestations of innocence, sources indicate that Tocchet will likely plead guilty today. A guilty plea will likely result in a reduced sentence.

But I’m betting (pun completely intended) that Tocchet’s troubles are far from over. Money earned from illegal activities is still subject to taxation. And if the money involved in this case is anywhere near the multi-millions claimed by the state (reports include allegations of over $1m per month), you can wager that the IRS is waiting in the wings.

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Kelly Phillips Erb
Kelly Phillips Erb is a tax attorney, tax writer, and podcaster.
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