Rapper Fat Joe has pleaded guilty to tax evasion, according to The Associated Press. As a result of his crimes, he could face up to two years in prison.
Joseph “Fat Joe” Cartagena is more than a little behind on his taxes. Reports indicate the rapper owes around $718,000 to the United States government. This tends to happen when you don’t pay your taxes for over two years.
According to the New York Post, Fat Joe earned around $1.3 million from concerts and music sales in 2007. This number jumped to around $1.4 million the following year. Unfortunately for the rapper, his failure to file income tax returns with the federal government might send him to prison for a while.
In addition to paying the monies he owes Uncle Sam, the musician is facing a fine of up to $200,000. All of this is in addition to the penalties the Internal Revenue Service may throw at the rapper.
Fat Joe was released after forking over $250,000 for bail.
The Miami Herald explains that Cartagena said he clearly understood the charges against him. The rapper’s lawyer said Fat Joe had “already taken steps to resolve this situation.” In fact, he hopes to have everything paid back in full before sentencing next year.
The plea was reportedly entered in New Jersey since Cartagena has a number of companies incorporated in the state.
Earlier this month, the feud between Fat Joe and fellow rapper 50 cent reached a turning point when the Curtis Jackson said he was interested in putting their problems aside.
“Joe never did anything to me. I never actually physically did anything to Joe. It’s really hip-hop — this music and people being competitive — and over time, you forget what the actual source of the situation is,” 50 Cent recently told Billboard.
What do you think about Fat Joe pleading guilty to tax evasion?