Skip to main content

Former Day Trading Hipster-Cum-Musician In A Little Trouble With The IRS

  • Author:
  • Updated:

Marcos Esparza Bofill is a twenty-something native of Barcelona who moved to New York in 2006 to "try his hand at day trading." He did so for a year, in a little set up in his Alphabet City walk-up, to not much success. So after losing most of his money, not being able to pay the rent and figuring that chicks dig musicians more than day traders anyway, Bofill headed home to try and get career number two off the ground. He stayed in touch with his NYC buddies though, and actually had plans to come back to the states to help a friend with a clothing business, perhaps by offering to model the threads (celebrity endorsements and whatnot). Maybe try and get a gig with a hedge fund too, who knows. What Bofill did not anticipate was the possibility of not being let back in the country, and a bill from the IRS for $172 million.

"Who's the IRS?" Esparza Bofill, a twentysomething Spanish émigré, asked a friend who alerted him to his astronomical back taxes. Esparza Bofill didn't file an income tax return for the year he was here swapping stocks - and that's leading to big problems with Uncle Sam. The feds tracked his every trade. But because Esparza Bofill never accounted for his losses or expenses in tax filings, the IRS presumed he made a pure profit - a staggering $500 million in income. "He definitely wasn't a $500 million-a- year earner," another friend, who asked not to be identified. "It’s ridiculous," the pal said of the tax lien. "[The IRS] is just out of control. It makes my stomach turn." "It’s something that can easily be cleared up," the friend added. "It’s crazy. He’s a very chilled, relaxed guy. I think he’s making music right now. He plays guitar and I think is doing some deejay stuff, too.

Twenty something day-trader nailed with $172M bill in back taxes, asks 'What's the IRS?' [NYDN]
Former Lower East Side Hipster Owes IRS $172 Million [NYP]


DOJ Finds That The IRS Is Terrible And Stupid But Not Criminal

The Justice Department is not impressed, tax nerds.