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Joe Francis Indicted on Federal Tax Evasion Charges

Joe Francis Indicted on Federal Tax Evasion Charges

'Girls Gone Wild' founder Joe Francis was indicted today on federal tax evasion charges for illegally deducting more than $20 million in false business expenses from his corporate tax returns in 2002 and 2003. 

According to the two-count indictment, Francis used offshore bank accounts to conceal his corporate earnings. The Smoking Gun reports that "[Francis] transferred $15 million from one offshore bank account to a California brokerage account in the name of a Cayman Islands corporation he controlled." 

If convicted of the charges, Francis faces a maximum of 10 years in prison and fines of up to $500,000. 

Francis was arrested yesterday on an separate federal warrant stemming from a civil lawsuit brought against him in Panama City, Florida. 

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