Renato Medina is the principal owner of Lucky Chances, a Bay Area poker club located in Colma. According to the US Department of Justice and the IRS, he allegedly caused Lucky Chance’s to deduct $2.6 million in bogus business expenses, causing the government to lose out on nearly $1 million in tax revenues. Medina was indicted on conspiracy and tax evasion charges. Also indicted were his neice and nephew. All have been released on bond pending the trial.
Medina faces three counts of tax evasion, five counts of making false tax returns, and one count of conspiracy. If convicted on all counts, he could face 35 years in prison and fines of well more than $1 million.
Medina is the principal owner of Lucky Group, the holding company that owns Lucky Chances. The Lucky Group’s website states, “The Lucky Group of Companies is committed to maintaining the highest ethical standards and demonstrating the highest personal standards of integrity at all levels, as well as a commitment to truth and fair dealing and complying with the spirit and letter of all laws and regulations wherever they conduct its businesses.” Mr. Medina’s attorney, Cris Arguedas, told the San Francisco Chronicle, “This is a simple tax case…[and Mr. Medina] asserts his innocence.”
In a related story, two State Senate candidates are returning donations from Medina.