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Former Cup team co-owner Larry McClure pleads not guilty to tax fraud
By Bob Pockrass - Associate Editor
Thursday, October 30, 2008
Morgan-McClure Motorsports co-owner Larry McClure pled not guilty to tax fraud charges Thursday in U.S. District Court in Abingdon, Va., according to court records.
According to the indictment issued Tuesday against McClure, in a dispute over $325,000 of unreported income from 2002-2004, the government alleges that McClure’s claim that the money was a loan he received was false and was an attempt to avoid paying taxes on it.
The race team is not mentioned in the indictments. According to a news release from the U.S. Department of Justice, McClure faces up to 115 years in prison and a $2.75 million fine if convicted.
Bond was set at $10,000. A trial date is set for Jan. 20-23 on the tax charges as well as charges stemming for an alleged fraudulent $59,852 invoice for painting of show cars.
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Comments
4 responses to "Former Cup team co-owner Larry McClure pleads not guilty to tax fraud". Post a Comment.
Barak Obama said:
Oct 31, 2008 at 2:29 PMDon't drop the soap Larry. The smelly black guys are lining up in prison waiting for you. hehe
Werner Boehmert said:
Oct 31, 2008 at 3:44 PMcome down with an illness and serve time at home...
Gary Ackerman said:
Oct 31, 2008 at 4:18 PMHard to say whether charges are true or not, however with the costs to "go racing" there may well have been a bit sleight of hand. Hopefully Larry will be found not guilty and cleared.
Scott Hall said:
Oct 31, 2008 at 9:08 PMIf one owner can do worse and get away with it then so should Larry.