General Discussion » What is really wrong with Dale Jr
Only JR knows. He's always said he does not like the COT car. And I think that is stuck in his head. Eventually he will get it and accept it. ( I HOPE ).
Cup team co-founder Larry McClure to plead guilty on tax charges
By Bob Pockrass - Associate Editor
Tuesday, January 06, 2009
Morgan-McClure Motorsports co-founder Larry McClure will plead guilty to tax fraud, according to documents filed Tuesday in U.S. District Court in Abingdon, Va.
McClure is scheduled to enter the guilty plea Jan. 15. A sentencing date has not been set.
According to a plea agreement signed Monday by McClure and filed with the court, McClure will plead guilty to five counts, including the filing of false tax returns for 2002, 2003 and 2004, as well as making false statements to Internal Revenue Service investigators.
According to the indictment, McClure did not report $325,000 of income obtained for the use of race cars in the Automobile Racing Club of America series.
By pleading guilty, McClure will have charges dismissed stemming from an alleged fraudulent invoice of $59,852 for the painting of show-car trailers.
According to the plea agreement, McClure states that he realizes “there is a substantial likelihood I will be incarcerated” and that the United States “will recommend I receive a substantial sentence.” He states that he understands that he could be sentenced to a maximum prison term of 15 years (three years per count), but the U.S. district attorney will request reductions in the sentence. He will not be allowed to appeal his sentence. He also could be fined a maximum of $1.25 million.
McClure, who was scheduled for trial Jan. 20, has agreed to pay $25,000 to the IRS for investigative costs and $59,852 to Eastman Kodak for the show-car trailer invoices. He also agreed to pay $125,000 prior to entering his guilty plea to go toward any fines that will be imposed as part of the sentence.
He also agreed to file amended tax returns for the three years in question.
As part of the agreement, the U.S. district attorney in western Virginia agrees not to prosecute McClure or the race team for any crimes it has knowledge about prior to the guilty plea.
Morgan-McClure Motorsports competed in NASCAR Cup racing from 1983 to 2007 and won 14 Cup races. The team did not field a Cup car in 2008 but still had about 15 people working in the shop.
The race team was not mentioned in the indictment.
An e-mail to McClure’s attorney seeking comment was not immediately returned.
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Comments
10 responses to "Cup team co-founder Larry McClure to plead guilty on tax charges". Post a Comment.
Bernadette Motherway said:
Jan 7, 2009 at 5:01 PMWe're going to see more garbage uncovered. This is starting to look like the State of Illinois government.
Werner Boehmert said:
Jan 7, 2009 at 5:24 PMthat makes 2 Cup owners who are crooks...any more out there?...
GALEN SHIPP said:
Jan 7, 2009 at 7:35 PMOk, what was it Rick Hendrick went on in-home-detention for back in the late '90s? Wasn't it something about fraud concerning one of his dealerships?
Bernadette Motherway said:
Jan 7, 2009 at 7:49 PMInteresting, Galen. I hadn't heard that!
Werner Boehmert said:
Jan 7, 2009 at 7:59 PMIn 1997, Hendrick pleaded guilty to mail fraud. In the 1980s, Honda automobiles were in high demand, and Honda executives allegedly solicited bribes from dealers for larger product disbursements. Hendrick admitted to giving hundreds of thousands of dollars, BMW automobiles, and houses to American Honda Motor Company executives. Hendrick was sentenced in December of that year to a $250,000 fine, 12 months home confinement (instead of prison, due to his leukemia), three years probation, and to have no involvement with Hendrick Automotive Group or Hendrick Motorsports during his year of confinement. In December 2000, Hendrick received a full pardon from President Bill Clinton.
Werner Boehmert said:
Jan 7, 2009 at 8:00 PMalso...In 1956, federal tax agents found Junior Johnson working at his father's moonshine still in Wilkes County; they arrested him. Many local residents believed the raid was done in revenge for the agent's inability to catch Johnson delivering moonshine on local highways. Johnson was convicted of moonshining and was sent to the federal prison in Chillicothe, Ohio. He served 11 months of a two-year sentence. He was also pardoned i believe...
Jerry Stanton said:
Jan 7, 2009 at 8:48 PMHe was pardon by President Reagan
Jerry Stanton said:
Jan 7, 2009 at 8:48 PMHe was pardon by President Reagan
Jim Branham said:
Jan 8, 2009 at 8:58 AM"As part of the agreement, the U.S. district attorney in western Virginia agrees not to prosecute McClure or the race team for any crimes it has knowledge about prior to the guilty plea." I wonder what is being covered up? It seems from the numbers that he is basically already paying back the amount owed, paying a fine, paying the IRS back the cost of their investigation, and possibly even getting jail time. Seems like he gave an awful lot in this negotiation...did he get something in return???
Gary said:
Feb 9, 2009 at 5:01 PMFYI, I have known Larry McClure for many years and worked for him at the race shop for more than three years during the time this was going on. He isn't always agreeable or even friendly. However, Larry has supported this community vigorously and has a huge heart for his family, friends, employees and his home town. Granted what he did was wrong, but Larry McClure is a good and decent man and that is a hell of a lot more than I can say for the new guy in charge of the IRS whom also evaded tax payment until he was caught, but instead of going to jail, he got a new fat job, as would have two other of Obamas picks had they not been busted for tax evasion and stepped down.So before you go playing armchair race team owner, consider getting to know the guy before you pass judgement. Larry McClure isn't perfect by any means, but I'm proud to call him my friend. Gary Dunn - Abingdon, VA