In February 2017, Page Six reported that the legendary Friars Club had been raided by the FBI under mysterious circumstances.
And on Tuesday, an outcome of the stunning raid may have come to light.
The U.S. Attorney for the Southern District of New York announced that Michael Gyure — the executive director of the club — has pled guilty to filing false income tax returns. It said that Gyure failed to disclose some $433,000 in “personal expenses and other benefits provided to [the] executive director by the club.”
It didn’t name the 55th Street institution — known for its famous “roasts” — calling it only a “private club” but it did hint at its identity by making a reference to its history in the comedy industry.
Manhattan U.S. Attorney Geoffrey S. Berman said, “As he admitted in court today, while serving as the executive director of a private club in Manhattan, Michael Gyure ripped off the IRS. Gyure’s filing of false tax returns is no laughing matter, and he now awaits sentencing for this crime.”
The Southern District said that in 2012, Gyure was hired by the club, with a contract that entitled him “to the payment of certain personal expenses” and that between 2012 and 2016, Gyure “received more than approximately $273,000 in reimbursements and direct payments from the Club to pay for personal expenses including, among other things, the purchase of wine sent to Gyure’s home, international travel for Gyure and his family members, and purchases of clothing and groceries.”
They said that during this same period, the club “reclassified more than $160,000 in loans that had previously been made to Gyure as additional compensation, above and beyond Gyure’s salary.”
The release said that every year between 2012 and 2015, Gyure “caused to be filed with the IRS income tax returns that understated his income by failing to report the income he earned from the club as payments of personal expenses and additional compensation due to reclassification of loans.”
The Friars Club told us, “The historic and legendary Friars Club has learned that its Executive Director, Michael Gyure, has been charged with underreporting his income on his personal taxes. The charge concerns Mr. Gyure only; the Friars Club has not been accused of any wrongdoing. It is our understanding that Mr. Gyure has addressed the charge through his personal counsel, as the charge pertains to his personal affairs.”
It added, “The Friars Club appreciates the significant contributions Mr. Gyure has made over the years to our organization. We will have no further comment on this matter as the case proceeds in court.”