Girls Gone Wild Founder Nailed for Tax Evasion

Joe Francis, the founder of the Girls Gone Wild DVD series, has been nailed for federal tax evasion. Uncle Sam is accusing Francis of claiming $20 million in false business expenses.

Girls Gone Wild has made Francis one of the youngest self made millionaires in the United States. The soft core porn DVDs features drunk coeds flashing the camera for t-shirts and other trinkets.

A federal grand jury indicted Francis for supposedly using offshore bank accounts to hide his 2002 and 2003 earnings. The Girls Gone Wild series is estimated to make Francis approximately $29 million a year.

In addition to accusations that $20 millions in tax receipts were fraudulent, the federal government is alleging that Francis moved $15 million from a U. S. brokerage account to a Cayman Islands corporation for the purposes of deception.

This is the second federal run in that Francis has had in recent weeks. On Tuesday, U.S. marshals arrested the 34-year old entrepreneur on criminal contempt charges. Francis' attorneys have claimed that he was returning to Florida so that he could turn himself in when he was nabbed at the Panama City airport.

U. S. District Judge Richard Smoak ordered the 34-year-old Francis into custody after negotiations broke down with seven women who were minors when the Girls Gone Wild crew filmed them in Panama City .

The contempt order was issued because the womens' lawyers claimed Francis threatened them during negotiations.

According to reports Francis screamed, "We will bury you and your clients! ... I'm going to ruin you, your clients, and all of your ambulance-chasing partners!" Francis allegedly continued with the outbursts, shouting, "Don't expect to get a f-king dime, not one f-king dime! ... I hold the purse strings. I will not settle this case, at all. I am only here because the court is making me be here!"

Francis' legal team says the civil suit has been settled. They maintain that Francis is still in federal custody because he's awaiting a April 23 bond hearing. No word on how much Francis has agreed to pay the women.

The Girls Gone Wild series is set to expand to the United Kingdom, Australia and France. Francis recently announced plans for a restaurant chain and swimwear line under the brand name.

Francis' tax evasion charges could mean up to 10 years in prison.

Sources ww.abc.com, www.reuters.com,