In this episode of Ventured, I spoke to Hoke about how former inmates turn their experience of running illegitimate business operations into the startup American dream.
|
|
The Court used similar reasoning in earlier cases concerning deductions claimed for expenses arising out of illegal or illegitimate business activity. In United States v. Sullivan,356 U.S. 27 (1958). the taxpayer claimed a deduction for rent and wages paid in support of a gambling enterprise.
|
|
3849 The Court upheld the deduction, holding that no public policy was offended.Tellier, 383 U.S. 687. Without any direction from Congress to limit the losses stemming from an illegitimate business, the Court was unwilling to attach what it viewed as an additional financial burden (disallowance) to the punishment imposed by the finding of criminal guilt.
|
|
Sinito had a wide assortment of interest and investments in both legitimate as well as illegitimate businesses. Sinito cautiously invested in many illegitimate business holdings, and greatly profited from the investments he made. Locally, he entered the vending machine business with lucrative washer and dryer accounts at numerous apartment buildings. Sinito also ran some coin-operated vending machine routes, from which he derived a significant bulk of his earnings.
|
|
While an exact financial figure is not known to US authorities, DTOs are believed to make tens of billions of dollars annually depending on size of the organization. With this staggering income from illegal trade, the longevity and persistence of these organizations is understandable. For groups based in economically struggling regions, the illegal trafficking of drugs is a tempting and extremely profitable illegitimate business with little domestic risk. A variety of methods are used to conceal and move the cash made from the network of drug deals.
|
|
Beginning in late 2019, Cho Min's extraordinary academic achievements have come under scrutiny as her father, Cho Kuk, got involved in a serious scandal involving illegitimate business activities and falsifying Cho Min's academic achievements. On 27 August 2019, it was reported that 20 different locations, including Seoul National University, Busan University, Korea University, Dankook University, Kongju National University, Cho's brother-in-law's home, and other offices of his family businesses were raided by the prosecutor's office. Led by Yoon Suk- yeol, they were in search of evidence related to Cho's daughter's suspicious academic achievements, including a pathology paper, "eNos Gene Polymorphisms in Perinatal Hypoxic-Ischemic Encephalopathy". The paper was published in an international medical research journal, listing her as the primary author even though she was only a high school student.
|
|
Clarke referred to the company as an "illegitimate" business. Tobias poked fun at the pyramid nature of the organization, in his book The Only Investment Guide You'll Ever Need, telling readers to be wary of "..Holiday Magic - where the big money to be made was not in selling cosmetics, but in selling franchises to sell franchises (to sell franchises).." "Things that look like the cosmetics companies but are really chain letters in disguise, like Glenn Turner's Koscot International and Holiday Magic - where the big money to be made was not in selling cosmetics, but in selling franchises to sell franchises (to sell franchises).." Howe wrote in the San Francisco Chronicle that Holiday Magic was "..one of the largest of all pyramid schemes.." Holiday Magic is used as an example in graduate level criminal justice coursework to analyze the nature of corporate scams.DeMuro, RG. "Holiday Magic Inc.: An Anatomy of a Scam", Rutgers University, NJN Brunswick - 1982 - Rutgers University.
|
|
Korshak's law practice brought him into contact with many mobsters, such as Al Capone,"Mafia Jews..." Lisa Keys, The Jewish Daily Forward, 27 Oct 2006 Frank Nitti, Sam Giancana, Tony Accardo and Moe Dalitz. His services were used by the upper ranks of both legitimate and illegitimate business in the United States. Korshak numbered among his friends many Hollywood celebrities and leading figures in the entertainment industry, including MCA/Universal chiefs Jules C. Stein and Lew Wasserman, entertainment lawyer Paul Ziffren (the driving force behind bringing the 1984 Olympics to Los Angeles), MGM chief Kirk Kerkorian, Gulf+Western founder Charles Bluhdorn, Frank Sinatra, Ronald Reagan, William French Smith (labor attorney and future United States Attorney General), California governor Edmund "Pat" Brown and his son, California governor Edmund "Jerry" Brown, future Governor of California Gray Davis, producer Robert Evans, Warren Beatty, Barron Hilton and Hugh Hefner. Korshak was highly successful in the field of labor consulting and negotiations, and his client list included Hilton Hotels, Hyatt Hotels, MGM, Playboy, MCA/Universal, and Diner's Club.
|
|