Bill Romanowski, ex-Denver Broncos LB, owes $5 million, tax court says
A federal judge has ruled that ex-Denver Broncos linebacker Bill Romanowski is on the hook for about $5 million in back-taxes stemming from a horse-breeding scheme he says he got caught up in. The U.S. Tax Court decision last week found Romanowski, his wife Jill and a business they created in 2003 to invest in a Kentucky-based horse breeder wrongly took deductions dating back to 1998.
The deductions were related to more than $13 million the Romanowskis borrowed to invest in a breeding operation called ClassicStar. The company eventually went bankrupt and its principals were convicted of federal tax fraud. The Romanowskis deducted some of their losses as business losses.