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	<title>Lead Lap&#039;s NASCAR News &#187; Miami</title>
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		<title>Castroneves Faces Tax Evasion Charges</title>
		<link>http://lead-lap.com/2008/10/03/castroneves-faces-tax-evasion-charges/</link>
		<comments>http://lead-lap.com/2008/10/03/castroneves-faces-tax-evasion-charges/#comments</comments>
		<pubDate>Fri, 03 Oct 2008 00:24:40 +0000</pubDate>
		<dc:creator>Michael J Smith</dc:creator>
				<category><![CDATA[Indy]]></category>
		<category><![CDATA[ESPN]]></category>
		<category><![CDATA[Helio Castroneves]]></category>
		<category><![CDATA[Indy 500]]></category>
		<category><![CDATA[Indy Racing League]]></category>
		<category><![CDATA[Miami]]></category>
		<category><![CDATA[Seven Promotions]]></category>
		<category><![CDATA[tax evasion]]></category>

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		<description><![CDATA[Two time Indy 500-winner and Indy Racing League driver Helio Castroneves is facing federal tax charges in Miami.
]]></description>
				<content:encoded><![CDATA[<p><a href="http://sports.espn.go.com/rpm/racing/indycar/news/story?id=3622661">ESPN</a> is reporting that two time Indy 500-winner and Indy Racing League driver Helio Castroneves is facing federal tax charges in Miami.</p>
<p>An tax evasion indictment was returned by a grand jury on Thursday. Castroneves is charged with consipracy and six counts of tax evasion. His sister, who is also his business manager, and his attorney are also being indicted.</p>
<p>In the charges, it is alleged that Castroneves, his sister, and attorney used a Panamanian shell corporation called Seven Promotions to fraudulently hide Castroneves&#8217; income from the IRS.</p>
<p>According to the indictment, the driver received $6 million in income over three years, but his tax returns only reflected $1 million. The remaining money was diverted to a company in the Netherlands.</p>
<p>The defendants face up to 35 years in prison, if convicted, but it is highly unlikely that they will receive such a stiff penalty. Actual penalties are expected to much less.</p>
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