Jul 24, 2017
Tax advice from convicted tax evader, Frank Costello:
“In New York, Gambler Frank Costello, 63, after serving 14 months in prison for contempt of the Kefauver Senate Crime Investigating Committee, was convicted of evading $39,015 in federal income taxes from 1947 through 1949. A separate government proceeding threatened the aging racketeer with deportation to his native Italy. As he posted $25,000 bail, Costello cheered up enough to philosophize to reporters, ‘I want to give you fellows some advice. Remember this - when you spend money, spend cash and don’t have any checks. If your wife has any money, have her declare it right away of they will be after you.’” - Life, May 24, 1954