International Boxing Federation
Formed as USBA-International, the fledgling organization was renamed the International Boxing Federation on November 6, 1983, based in New Jersey, where its main offices remain.[2] Bobby Lee had also been a New Jersey boxing commissioner until 1985, when, according to news reports, "he was suspended and fined by the Ethical Standards Commission for accepting contributions from fight promoters and casino executives.[citation needed] Despite achieving an appearance of legitimacy, subsequent to a three-year investigation started by 1996 charges levied by former heavyweight champion Michael Moorer; IBF's reputation was ruined in 1999 with founder Lee's indictment for racketeering and other violations for taking bribes in exchange for high boxer rankings.[6] In 2000, citing extortion, boxing promoter Bob Arum voluntarily testified to having paid IBF president Bobby Lee $100,000 in two installments in 1995, as the first half of a $200,000 bribe, through "middleman, Stanley Hoffman", adding that Lee had first demanded $500,000 to approve the Schulz-Foreman fight, but had settled for the lesser amount of $200,000 (half of which was never paid).Boxing promoters Cedric Kushner and Dino Duva also admitted to making similar payments to Lee.