RCI Hospitality Stock Plummets Amid $8M Tax Fraud Allegations

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2025-09-17 10:49:02

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RCI Hospitality Holdings (RICK) shares extended losses in pre-market trading after New York prosecutors unveiled criminal tax fraud charges against the strip club operator and its executives. The Texas-based company, which owns venues including Manhattan's Tootsie's Cabaret, allegedly evaded over $8 million in sales taxes through a bribery scheme involving a state tax auditor.

New York Attorney General Letitia James detailed a 79-count indictment alleging executives lavished the auditor with complimentary Florida trips, $5,000-per-day private dances, and luxury accommodations between 2010-2024. RICK stock plunged 16% following the disclosure, compounding recent volatility for the adult entertainment conglomerate.

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