Ex-Bayern Chief Begins Three-and-a-Half Year Prison Term: Gambled on Markets

The former Bayern FC boos Uli Hoeness began serving his three-and-a-half year prison sentence for evading $28.5 million euros in taxes.  The 62-year-old will serve time at a prison in Landsberg am Lech effective Monday (June 2).

Hoeness admitted to the tax evasion charges back in March.  He was originally facing a sentence of between five and ten years.

"I'm glad that this is all out in the open now," Hoeness said in March. "I deeply regret my wrongdoing. I'm doing everything I can to put this unhappy chapter behind me."

Hoeness went much further, telling the court he used a secret Swiss bank account for more than 50,000 speculative trades in financial markets and derivatives between the  years 2001 to 2010. He said he lost a million euros between 2003 and 2009.
"It was always clear to me that the account was mainly for gambling," he said. "It was a real kick, pure adrenaline. I lost track of it all. Everything was a real mess in the end."
The state prosecutor in Munich refused to comment on the media reports that Hoeness had already begun serving his sentence.

"We will not make any public statement on that," said state prosecutor Ken Heidenreich. "It's not something we would make public anyhow and there will not be any press release at any point. Mr. Hoeness himself would be the person who could confirm that."

- Gilbert Horowitz, Gambling911.com