Wesley Snipes, the unlikely face of the tax denial movement, has been acquitted of the most serious charges in his tax evasion case. He was found guilty of three of six lesser charges and could face up to three years in prison. He will also have to pay as much as $17 million in back taxes, interest, and penalties.
A jury found him not guilty on two felony charges of fraud and conspiracy, and other charges related to failing to file and pay taxes from 2002 to 2004. However, he was found guilty of failing to file returns or pay taxes from 1999 through 2001.
However his co-defendants, tax advisers, were convicted of the more serious charges, a sign that "I was just listening to my advisers" defense can work.
According to the New York Times, "Instead of prosecuting all offenders, the Justice Department brings cases against well-known individuals, hoping that widespread news coverage will encourage compliance, a policy known as general deterrence. The Snipes prosecution, like the three earlier cases that resulted in full acquittals, appears to have backfired."
The failure to convict Snipes on the most serious charges will probably embolden tax deniers. The feds had been looking to make a strong statement about the importance of paying taxes and appear to have failed miserably.
Cramer on BloggingStocks: Not much time left for downside 
Foreclosures fall, but are still higher than a year ago
HP's deal for 3Com: A missile launch at Cisco?
