Evan Knoll what a loser!

[Ed Carpenter]

GRAND RAPIDS (WZZM) -- The owner of a West Michigan-based fuel company is facing up to 70 years in federal prison for defrauding the government and banks out of $100 million.

Evan Knoll, founder and former president of Torco Racing Fuels, pleaded guilty to eight counts of making false claims against the U.S. and one count of bank fraud in the scam. Knoll entered the plea Wednesday in U.S. District Court in Grand Rapids.

Prosecutors say Knoll filed false claims for federal refunds of excise taxes on fuel he said he had purchased. The excise tax of 18.9 cents per gallon is levied on all gasoline sold in the U.S., but people who purchase the fuel for "off-road" use can apply for refunds of the tax.

Knoll falsely claimed to have purchased massive quantities of fuel to get $80 million in refunds since 2002. In addition, he used the refunds to get bank loans, causing the banks to lose $10 million before the IRS stopped the scheme in 2008.

Prosecutors say Knoll used the illegally-obtained funds to support a lavish lifestyle, including the purchases of a business jet, large homes in Gaylord and Decatur, a motorcoach, and a drag racing car -- items that were later seized by the IRS. They say he also used the money to give himself greater exposure in the drag racing community.

"Mr. Knoll's perceived success in the racing industry was
based on the money he was stealing from the American people. Mr. Knoll now faces severe consequences for his actions," said Erick Martinez, special agent in charge of the IRS criminal investigation, in a news release issued Wednesday.

"It is shocking how much federal tax money was stolen by this defendant. Evan Knoll lied to banks, accountants, business partners, his employees, the community he lived in and to the Internal Revenue Service for many years," said U.S. Attorney Pat Miles in the same news release.

Knoll will be sentenced on November 20.

[Phillip marvetz]

And BP Did what???????

[Jason]

Some news sources are calling Evan Knoll the "king of drag racing."

[Charlie A]

Originally Posted by Phillip marvetz

And BP Did what???????

x2

[cal]

Originally Posted by Charlie A

x2

Well now get ready.
Every IRS agent out there will be scritinizing all Drag Racer tax returns.
Thinking we are all crooks.

Cal
HR 1177

[cicero819]

I do not condone what Knoll did, just another person taking advantage of honest system for his own personal self, no worse than all those Wall Street Bankers and schemers.Basically this is the same scheme that Organized crime organizations were involved in during the late 90's and early 2000 where billions was stolen and hardly no convictions ever ensued in the U.S. and Canada. Remember don't steal the Goverment doesn't like competition. Claude

[James Perrone]

At least he Wasted it on Drag Racing...Just like me ...LOL

[tj310]

Just a big tax evasion scheme. 80 million in refunds ? dosen't anybody check the story before they cut a cheque. Equating this scam to the BP disaster in which 12 people died is sad. ---Trevor

[Phillip marvetz]

Originally Posted by tj310

Just a big tax evasion scheme. 80 million in refunds ? dosen't anybody check the story before they cut a cheque. Equating this scam to the BP disaster in which 12 people died is sad. ---Trevor

I'm not comparing to the oil spill, Big oil get's billions of $$$$ in tax kick backs from the IRS every year. Sounds like Mr Evans was small potatoes in the fuel world to me. I wonder how much $$$ he would have gotten if he hadn't faked the returns. Too bad for everyone.

[Julie Jordan]

Originally Posted by Phillip marvetz

I'm not comparing to the oil spill, Big oil get's billions of $$$$ in tax kick backs from the IRS every year. Sounds like Mr Evans was small potatoes in the fuel world to me. I wonder how much $$$ he would have gotten if he hadn't faked the returns. Too bad for everyone.

Actually, Big Oil doesn't get "kickbacks", that's the way the media likes to word tax deductions that every business is entitled to....depreciation, amortization, intangible drilling costs, domestic activity production deduction, to name a few. Every business is entitled to those deductions. When the press is focused on Big Oil and gives them different terminology then they become evil deductions. lol