Judge rules against Hawkins personal bankruptcy, EA founder still owes millions in taxes
A reading from Forbes on the prophet Trip Hawkins:
And lo, the San Francisco federal judge saw through the abusive tax shelters Hawkins used to hide millions in profits from his Electronic Arts days and declared them bad. Smiting a declaration of personal bankruptcy, the judge believed that Hawkins should give unto the government the estimated $20 million or more in federal and California state taxes he is in arrears to.
The 16-page opinion by US District Judge Jeffrey S. White pointed out that Hawkins "continued to spend money extravagantly with knowledge or his tax liabilities" and that he "planned to defeat his taxes via bankruptcy and continue living the lifestyle to which he had grown accustomed."
General rule: Pay your taxes. It's what did in Capone. Better rule: When the government is on your butt about tax evasion, it's best not to play it like Hawkins and purchase a $70,000 car ... especially when it's your fourth automobile in a two-driver household.
[Image credit: AlanCleaver_2000]
