BULLETIN: Steve Renner, Operator Of INetGlobal Autosurf, Sentenced To 18 Months In Federal Prison In Tax Case Tied To His Money-Services Business
Steve Renner
UPDATED 6:57 P.M. EDT (U.S.A.) The operator of the INetGlobal autosurf has been sentenced to 18 months in federal prison for income-tax evasion.
Steve Renner also was ordered by U.S. District Judge Donovan Frank to cooperate with the IRS “in the assessment and payment of taxes still due,” federal prosecutors said.
Renner was convicted in December of four felony counts of tax evasion after a six-day jury trial. The case stemmed from his operation of Cash Cards International (CCI), a payment processing company.
He was not taken into immediate custody after today’s sentencing and perhaps has “several weeks” before he is scheduled to report to prison, said Jeanne Cooney, a spokeswoman for U.S. Attorney B. Todd Jones.
Cooney added that the IRS is in the process of determining how much money Renner still owes to the government, which is why Donovan ordered him to cooperate with the agency.
Even with his sentencing today, Renner’s legal troubles are not over. In February, the U.S. Secret Service said there was probable cause to believe he was operating an international Ponzi scheme through INetGlobal and affiliated companies.
Federal prosecutors have seized about $26 million in a probe into INetGlobal’s business practices. Renner has not been charged in the case, which prosecutors described as a “major” money-laundering investigation.
In the tax case, prosecutors said Renner diverted customers’ money held by CCI “to pay his living expenses as well as to make personal investments in coins, oil wells, art, stamps, and vintage musical instruments.
“He also used client funds to promote his blues-rock band, ‘Stevie Renner and the Renegades,'” prosecutors said.
Was Steve taken into prison right away?
Trying to get an answer on that, just sick of it.
Patrick
Quick note:
Renner was not taken into custody immediately, according to a spokeswoman for U.S. Attorney B. Todd Jones. He may have “several weeks” to report. The IRS is still determining the amount of taxes he still owes, which is why the judge ordered him to cooperate, according to the spokeswoman.
Patrick
“My lawyer told me to do it”
http://www.startribune.com/local/92921774.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUUl
I wondered why he only got 18 months.
Anybody knows who this tax lawyer is / was? SY
He was given an 18 month sentence AND ordered to cooperate with the IRS in paying taxes he still owes. I assume if he fails to do the later, they can alter the former.
But weren’t we assured by the iNetFaithful that Steve was prevented from presenting evidence at the tax fraud trial that he actually DID pay his taxes? Either the government is really really lying to us, or their upline was.
Gee, what a perplexing problem that decision creates.
Who to believe ???? who to believe ????
If I were an iNetGlobal member, this would worry me. The government was able to provide enough proof of tax fraud to secure a conviction but are still unsure how much in back taxes Mr.Renner still owes. And they are, in effect offering a reduced sentence in exchange for his assistance in establishing that amount. What does this say about Mr.Remmer’s book keeping and accounting?
If iNetGlobal is to prevail against the charges of being a ponzi scheme and money laundering, it will be an accountant who proves the case, not an attorney. You have to hope that Mr.Renner used far better record keeping and accounting practices for iNetGlobal than he did for Cash Cards or even for his personal finances. All iNetGlobal needs to prove to beat the charges it faces is that it’s financial house is in order, if it’s owner is the foundation of that house it’s by no means on firm footing.
Tax evasion conviction doesn’t have much to do with the ponzi scam trial.
That will be a totally different case which can take another year before its sorted out.
Today we’ll find out if the government will release funding to keep the company running. If they don’t and the trial drags on I feel this company is done.
The upstream is still telling people everything is ok, but the reality is this company in facing some real hard times. Even if they eventually do win this case and prove that they are legit, how would people precieve this company?
My guess is if it is proven that the government says that it is legit it will only strengthen the company – not really much better praise you can get than a government admitting it was wrong and that the company is really doing good business.
That would make me consider joining.
The truth is,
You must be from a different planet. Name one business associated with Steve Renner that has a smidgen of legitimacy. I am sure every legitimate and legally operating business person often commits felony tax evasion. remember, that’s how they ended up convicting Al Capone, and he was about as legitimate as Renner. Please seek professional help with your skewed sense of reality.
Don, Are you serious? There is nothing close to Al Capone that Renner represents. Do you know Renner? If you do, which I think you do, then you know that Renner is not that kind of man. For you to sit there and compare the two is sad. Renner burnt you Don? That’s what you get for trying to do what you did.
DOC, sorry, but there are no shades of gray when a crook is involved, it’s either black or white; Crook or not a Crook. The comparison to Al Capone was made solely on the fact that both were crooks and both were convicted of tax evasion. Perhaps you misunderstood.
No, Mr.Renner didn’t burn me in any manner. I have much more sense than that. So,that negates your subsequent statement of getting what I got for what I did. Andy Bowdoin also had many blind followers and proponents, even after they found out of 2 previous felonies. Didn’t stop him from trying another scam, and I doubt this conviction will stop Renner from another one, either.
Well stated Don! The fact is, a witch hunt is a witch hunt. That is what is going on with inetglobal. The reason they were such an easy target is because of the people within. Some of them only cared for themselves and didn’t do what was required to make sure all was on the up and up. I, as a member, still think that all is clear with inetglobal. I have made good money from selling ads. I have a partner in Toronto that does much better than me, and my downline isn’t that great. The company was growing too fast and they struggled to keep up. I think that is the only thing wrong that they did. However, when you have selfish money hungry insiders, it will always hurt the good that is also inside the family that is inetglobal.
DOC, First can you tell us how much and where you sell the ads through iNetGlobal? Second where are you located if you are not at Toronto? Third, No problems with a lot of internet companies which have grown way faster than iNetGlobal. Fourth, So you are not money hungry then what are you?
I have been a member of I-Net Global from the beginning. I have attended three very informative seminars given by Steve Renner. I have learned how to build my blog. My husband has learned how to build his three blogs that help to sell our real estate. We have taught many of our downline members how to build blogs to advertise their businesses. We earned commissions on our sales. We have gotten on the first page of google free, and the hits on the rotator helps. That is one of the main reasons for the rotator, besides selling your products. I sell nutritional products and have gotten much more exposure than I would have if I had to do it all on my own or search for expensive products on the web. The $40 a month fee that I pay to have access to all the prodcts plus access to all training materials is much less than I would have to pay if I purchased all these products individually plus I receive more credits when I surf to advertise my products and I purchase other people’s products when I view other people’s ads. The company has $26 million in assets and only owed $11 million to it’s members. How can that be a ponzi scheme? It can’t and it is not.
While the news about the San Diego property is a revelation to me, my first reaction is, — when did it become a crime to expand your business and open another office in California? Perhaps there is more to that part of the story than meets my eye, but at first glance, I don’t see a property purchase as a crime. We own a business and use our profits to expand our business. Is that now a crime to the Government like everything else is becoming just so they can get control of every aspect of our lives? You people do not even realize how bad and controling the government is getting. We are going to end up like Greece because they want us who are out here working to give all of our money to lazy people who do not want to work. That has never worked and will not work now. Steve Renner’s main problem is that he is an unpolished ex-painter contractor type who had a dream and became successful. But he is his own worst enemy because he has a bad temper and flies off the handle and gets himself in trouble. That probably comes from his past profession as a painter and lack of business skills and polish. He has trusted some people who have not been good for him and gave him bad advice. Steve Keough was not right for the job and many of the members recognized it. But Steve Renner probably lost his temper instead of peacefully negotiating and ticked Steve Keough off and so he decided to get revenge which he did. Steve Renner would have been better off to just tell him politely that he was not the right person for the job and to negotiate a generous severance package, but he apparently lost his cool and just blatantly fired Steve Keough. That is no reason to try and extort $500,000 (which is in writing) from the company but Steve Renner should learn a lesson from this to be more diplomatic in his dealings with other people. Painting contractors probably don’t learn these skills as we college educated people do. My husband and I have had altercations with Steve but because we have learned diplomacy we have been able to smooth things out and reach Steve’s gentle and generous side(which he has and shows it to many people) and he has always apologized to us and agreed we were probably right. And we moved along and got along and continued with our very successful promotion of the excellent iNetGlobal products. We know Steve Renner well and he is a devoted family man (employs many of his own family in the business, treats everyone to dinner when they come to town, and has helped us in any way he can). Granted he is a little rough around the edges but all the more reason to admire him for his tenacity to learn all he did on his own while in a wheel chair from his fall while painting. He should be an inspiration to people all over the world instead of being sent to jail like a common criminal. He made some mistakes but haven’t we all? Actually his accountant, who he trusted to pay the proper taxes, made some mistakes too. So what? Would it not be more advantageous to society to have him do some productive community service and be allowed to run his wonderful company than to sit idly in a jail cell? America and our government is becoming so oppressive that it is getting so that an entrepeneur does not have a chance in America any more. Our Indian friends refuse to do business in America. Their country is more free, and welcomes business. Businesses in America get punished no matter what they try to do. We are perfect examples. The government has played a major role in almost destroying our real estate business. We were scraping by and paying the holding costs with our I-Net Global business, and now they have ruined that too. I guess the only answer is to go on welfare and live like a pauper like the Government wants us all to do. Patrick Pretty you should be ashamed or yourself. You are against business. It is obvious and you do not know all the facts. You listen to the government like all the other sheep. I-Net Global was doing a lot for many people all over the world and there was not one complaint filed against the company with the Attorney General of Minnesota. We were all just happy and having a great time learning and working. I hope you bunch of Nazi’s are happy when the government starts taking away your money, if you have any and are not on the public dole already, and distributing to people who do nothing for society or the world but sit and watch the boob tube and eat potato chips and suck the life blood out of America.
Diane:
A very interesting post, but do you realize you have contradicted yourself many times over in defending Steve Renner and iNetGlobal in your post? Do you realize it is not how much money iNetGlobal has right now to payout, but what that ratio will be in 30-60 days? The same argument was made for ASD, and iNetGlobal is no different than ASD. Just a new dress, but the same pig.
Are you aware that if the truth were known, that probably close to 90% of all the people who were members of iNetGlobal did not have a business to advertise? Within the Chinese community, where the vast percentage of memberships came from, my guess is that 95% did not have any business to advertise. So they were members why?
I am sure there are a few people who did make some money from sales from their ads, as you have claimed you did, but the vast majority were only getting paid to view ads. They were not buying, but getting paid to view ads, and only from viewing ads.
But to call us Nazi’s because we don’t buy the business model of iNetGlobal is the typical response when you can’t argue facts, but have to resort to name-calling. It cheapens your argument, and you could not be further from the truth. But trying to compare iNetGlobal to what is happening within the government is comparing apples to oranges. No I don’t like what is happening, but that is not what has happened to iNetGlobal.
If the ‘evil’ government had not raided iNetGlobal, it would have imploded on its own within 45-60 days. Its outgo would have exceeded its inflow of cash by at least a 3-1 margin. I am using Steve Renner’s numbers here, but to really get the true numbers, all you have to do is use Entertained’s Black Box formula and you will readily see iNetGlobal was and is a Ponzi. You can find the Black Box method right here on this blog. I highly recommend you read it. You will learn a lot if you do.
If you do read it, please come back and tell us what you learned.
Diane,
As you are a business person in your community, what do they (people in your community) think if they know the iNetGlobal is now such situation?
In real estate, people say “location, location and location”
In business, “Reputation, reputation and reputation” Right?
To Everyone whoever post on PP,
All Chinese and other members were always told by Inetglobal that they bought ad space and other web services. Before the raid, about 20% of members have an ad, the rest of the 80% either in the process of getting their ad placed or learning to. Now every web service inetglobal have were all in the process of translations to teach them. As the company grew too fast, the company were not ready to deal with this growth and could not keep up. Therefore became unorganized causing people to believe we have no products. That is why inetglobal do not have as many ads placed, but all are required to in order to earn any commissions. This has been enforced even more strictly since the raid. Lets not argued about whether inetglobal has products and stop arguing about whether inetglobal is a ponzi scheme, because the government already acknowledged with good sources that inetglobal is not a ponzi scheme. So are all of you going to let inetglobal’s international members a chance to learn how to use web services before you put any judgement. Remember most of the old members have an ad placed, alot of new members are still learning. Know real facts before putting judgement and ruining a company’s reputation.
Jesse,
Please list your source for this claim.
Are you aware that, on May 6, prosecutors said the investigation remains open and that “we plan to proceed with our investigation, and to make use of all the investigative tools at our disposal, to the fullest extent allowed by law? . . .”
Why would prosecutors say that if — as you say — “the government already acknowledged with good sources that inetglobal is not a ponzi scheme?”
Did you know there is a second case filed by prosecutors that says the government believes INetGlobal was operating a Ponzi scheme and that the government is seeking the forfeiture of a building in San Diego that was purchased with funds from the scheme?
Patrick
Scammers really are dopes.
What Jesse have said above is a wishful thinking and nothing else.
They are quoteing from the “Ponzi scammers handbook of excuses for dummies”
Just for the record, the comment in this thread “May 7, 2010 at 12:37 pm | Permalink” is not former employee Don Allen.
I just wanted to clear that up. Don Allen
Of course it was you…everything you say is never true and that is why you probably got FIRED!
No, jesse, it was not Don Allen. The other “Don” is a longtime poster here, and it was one of his posts.
Patrick