Fat Joe Cracks Open Tax Problems & Prison Sentence [Video]

Fat Joe Cracks Open Tax Problems & Prison Sentence [Video]

Terror Squad leader Fat Joe has finally opened up on his pending prison sentence and why a shady personal accountant is largely responsible for his publicized woes.

According to Joey Crack, a personal accountant not using his money to pay off bills and taxes ultimately lead to his current predicament.

“Well, what happened was I always had the same accountant for years and his son was in a car accident — so he retired and they introduced me to a new accountant so he took over my stuff so I got onto my ‘rapper’ where I have the guy paying all my bills and all that, so I’m wiring him money to pay my bills, my taxes — months and months of not paying [off my taxes], he paid it all off and I already knew this was some Ponzi scheme type dude. … So next day I went and got [a different] accountant and we tried to fix what was going on. … They feel like you, as the leader of your household, you supposed to be over everything that’s going on. You still get the blame even though it’s the accountant’s fault. … I paid them all the money back and I figured if you pay them all your money back — I ended up spending a million two hundred thousand and you know, I’m not Jay Z or none of that. Penalties is on top of that.” (“The Breakfast Club”)

In late June, Joe kept quiet about his sentence when approached by paparazzi.

Question: How does Fat Joe feel about going to prison for 4 months? Answer: He ain’t exactly thrilled. TMZ spoke with Joe moments ago … and (shocker) he didn’t seem too jazzed about yesterday’s court hearing, when he was sentenced to 4 months behind bars for stiffing Uncle Sam out of more than $1 million in income taxes. In fact, the rapper kinda had an “It is what it is” mentality. Joe’s been ordered to turn himself in by August 26. “Huh? No comment on that,” Joe said when asked for his reaction to the four month prison sentence. “It’s a great possibility [I’ll work out behind bars]. Thank-you.” (TMZ)

Days prior, the rap star appeared in Newark, New Jersey to receive his prison sentence.

Rapper “Fat Joe” has been sentenced to four months in prison after admitting he failed to file federal income taxes.The platinum-selling artist, whose real name is Joseph Cartagena (car-ta-GEE’-nah), apologized to his family and supporters before being sentenced Monday in federal court in Newark. He pleaded guilty in December 2012 to failing to pay taxes on more than $1 million of income in 2007 and in 2008. U.S. Magistrate Cathy Waldor said she took into consideration the government’s allegation that Cartagena failed to taxes on some $3 million in income for years 2007 through 2010, an estimated tax loss to the government of $718,038. The Miami Beach resident was prosecuted in New Jersey because some of the companies he earns money from are incorporated in Somerville. (San Francisco Gate)

Back in December, Joe’s attorney Jeffrey Lichtman said he wanted to fully repay his debts.

The rapper — who is is currently free on $250,000 bail — will face up to two years in prison and a fine totaling $200,000 when he is sentenced on April 3, officials said. “Fat Joe,” who was recently in the news because of a well-publicized beef with “50 Cent,” maintains residences in both New Jersey and Miami Beach. “‘Fat Joe’ has taken responsibility for his tax failures. He hopes to repay his tax indebtedness,” said the rapper’s defense attorney, Jeffrey Lichtman. (NY Post)

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Check out Fat Joe’s interview:

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