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RCI Hospitality Stock Plummets Amid $8M Tax Fraud Allegations
RCI Hospitality Stock Plummets Amid $8M Tax Fraud Allegations
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BTCCSquare news:
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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