Monte Cox, former Tim Sylvia manager faces prison, fines
Monte Cox, 55, made his first appearance Monday in U.S. District Court, Davenport, and pleaded guilty to one count of filing a false tax return, per a plea agreement with prosecutors.
Cox, who once managed former UFC champions Tim Sylvia, Matt Hughes, and Rich Franklin faces up to three years in federal prison after admitting that he under-reported his income on his tax returns over a four-year period.
He will be sentenced Feb. 24. In addition to prison time, he faces a maximum fine of $100,000.
According to the plea agreement filed this week:
Between 2007 and 2010, Cox lived in Bettendorf and was an MMA fighter manager, promoting events throughout the country. He operated under his business, Ultimate Productions Inc., which was registered with the Iowa Secretary of State on Aug. 22, 2006.
Cox received a “significant” number of checks from MMA fighters, sponsors and fight venues, such as casinos and event centers, that were deposited in one of three bank accounts he maintained.
The combined dollar amounts of the checks Cox received “significantly exceeded” the income he reported on his tax filings for those years.
Cox under-reported his total income by an estimated $255,036 in 2007, $295,854 in 2008, $405,778 in 2009 and $152,509 in 2010.
The amount of tax loss to the government for those years was estimated at more than $370,000, according to the plea agreement.
