Wednesday, October 29, 2008

McClure Indicted On Multiple Tax Counts

Morgan-McClure Motorsports General Manager Larry McClure has been indicted by a federal grand jury on charges of wire fraud, mail fraud and violating federal tax law.

The U.S. Attorney’s office said yesterday that McClure faces a maximum penalty of 115 years in federal prison, and up to $2.75 million in fines if convicted on three counts of mail fraud, three counts of filing a false tax return, two counts of obstructing a tax investigation, two counts of money laundering and one count of wire fraud.

The indictment accuses him of filing fraudulent income tax returns in 2002, 2003 and 2004, failing to declare several large payments from an unidentified Florida man who leased race cars from him to run in ARCA competition. McClure is also accused of fraudulently claiming he spent nearly $60,000 to have four new show car trailers painted in early 2003, and of falsely telling IRS investigators in June of 2006 that he had borrowed money from that same Florida man, then repaying the loan with a $325,000 check.

Morgan-McClure Motorsports won a total of 14 Sprint Cup races, including three Daytona 500s before ceasing operation in January of this year due to a lack of sponsorship.

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