- Lead-Lap.com - http://lead-lap.com -
McClure Sentenced To 18 Months In Prison For Tax Fraud
Posted By Michael J Smith On April 28, 2009 @ 2:17 pm In Other | No Comments
Larry McClure, owner of the Morgan-McClure Motorsports No. 4 Sprint Cup Series Chevy, yesterday was sentenced to 18 months in prison for federal income tax fraud. He was said to have faced a maximum penatly of 115 years in prison.
McClure was also fined $40,000, ordered to pay $60,000 in restitution to Eastman-Kodak for filing a false invoice, and ordered to reimburse the Internal Revenue Service $25,000 for its investigation.
The court ruled that he must also re-file his income tax returns for the years 2002 through 2004. In that timespan, McClure said he received nearly $270,000 in payments from a friend for services provided by his race team that was not reported on his income tax filings.
Earlier this year, McClure plead guilty to all counts, and agreed to pay fines, and refile his tax returns.
McClure is not the only NASCAR team owner to have tax trouble. Gene Haas, former owner of Haas CNC, is currently serving 24 months in prison for filing false tax returns, witness intimidation, and conspiracy.
Originally, Haas plead not guilty, but after four others indicted in the case plead guilty, Haas changed his plea to guilty.
Haas is projected to be released October 9 of this year.
While in prison, Haas was ordered to turn his team over to Margaret Haas and team GM Joe Custer. Tony Stewart bought equity interested in the team last summer.
Article printed from Lead-Lap.com: http://lead-lap.com
URL to article: http://lead-lap.com/2009/04/28/mcclure-sentenced-to-18-months-in-prison-for-tax-fraud/
URLs in this post:
Copyright © 2009 mikejsmith.net. All rights reserved.