andicap
07-18-2003, 06:41 PM
Feds are now chasing NYRA.
Before we fully defend NYRA and badmouth the AG and the feds, shouldn't we ALL the facts? (tho yes, innocent until proven guilty)
From Sports Business Daily today:
Federal prosecutors in N.Y. "are on track to bring a white-collar crime indictment against" NYRA, according to sources cited by Marzulli & Mahoney of the N.Y. DAILY NEWS. One federal official said that the "intensifying investigation relates to NYRA's practice of allowing parimutuel clerks to 'loan' themselves money from the till and then writing off what's not returned as a business loss at the end of the year." NYRA retained N.Y.-based law firm Davis, Polk & Wardwell, a move the federal official called "a last-ditch effort to stop an indictment. But there's no turning back on this [investigation]." Another federal official said that David, Polk & Wardwell "sent the prosecutors a letter warning that NYRA might have to fold and that thoroughbred racing — as well as the state economy — could be severely damaged by the investigation." Marzulli & Mahoney note Aqueduct, Belmont and Saratoga, all operated by NYRA, "were raided in ['00] by IRS agents and state troopers looking for evidence relating to possible money-laundering." Since then, 16 track clerks have been convicted of tax evasion and three on money-laundering charges (N.Y. DAILY NEWS, 7/18). On Long Island, Robert Kessler cites sources as saying that NYRA is using a "two-pronged approach" to avoid an indictment, as attorneys are arguing the organization's case to both the Justice Department's Tax Division and the U.S. Attorney's office
Before we fully defend NYRA and badmouth the AG and the feds, shouldn't we ALL the facts? (tho yes, innocent until proven guilty)
From Sports Business Daily today:
Federal prosecutors in N.Y. "are on track to bring a white-collar crime indictment against" NYRA, according to sources cited by Marzulli & Mahoney of the N.Y. DAILY NEWS. One federal official said that the "intensifying investigation relates to NYRA's practice of allowing parimutuel clerks to 'loan' themselves money from the till and then writing off what's not returned as a business loss at the end of the year." NYRA retained N.Y.-based law firm Davis, Polk & Wardwell, a move the federal official called "a last-ditch effort to stop an indictment. But there's no turning back on this [investigation]." Another federal official said that David, Polk & Wardwell "sent the prosecutors a letter warning that NYRA might have to fold and that thoroughbred racing — as well as the state economy — could be severely damaged by the investigation." Marzulli & Mahoney note Aqueduct, Belmont and Saratoga, all operated by NYRA, "were raided in ['00] by IRS agents and state troopers looking for evidence relating to possible money-laundering." Since then, 16 track clerks have been convicted of tax evasion and three on money-laundering charges (N.Y. DAILY NEWS, 7/18). On Long Island, Robert Kessler cites sources as saying that NYRA is using a "two-pronged approach" to avoid an indictment, as attorneys are arguing the organization's case to both the Justice Department's Tax Division and the U.S. Attorney's office