Girls Gone Wild founder Joe Francis was served up a little bit of his own sleazebag ways when his accounting firm tried to fraudulently hide his income from the IRS. According to Francis, his accounting team said it was fine to move his money like they did and that the IRS would be okay with the tax shelter.
In a lawsuit recently filed by the GGW creator, he claims the accounting firm, BDO Seidman, fully admitted to its criminal misconduct and agreed to pay him $50 million to settle the issue out of court, money that he never received.
The new lawsuit is seeking more than $20 million in damages.
Even if Joe Francis manages to win the lawsuit, he current owes Steve Wynn $40 million from a defamation lawsuit he lost against the billionaire.
I would feel sorry for the guy, but there is literally not a single redeeming bone in the guy’s body.
Joe Francis made his considerable fortune by convincing 18-year-old girls to take off their tops while acting provocatively in front of the camera. Girls Gone Wild managed to catch one of the final financial windfalls in the adult industry before the internet made that type of content readily available and free.
BDO Seidman has not yet commented on the lawsuit.
This entire lawsuit begs an important question: What part of “hiding money” and “tax shelter” sounded on the up and up to Joe Francis? Perhaps he was too busy staring at the girls in his videos to listen when his accountants were talking.