4speed - 11/18/2012 12:10

http://www.mlive.com/news/kalamazoo/index.ssf/2012/11/evan_knoll_fa...

Evan Ward Knoll, the founder, owner and former president of Torco Racing Fuels, Knoll Gas Motor Sports and General Sales and Service, was sentenced to 168 months of prison and five years supervised release by the U.S. District Court.

Knoll was requested to pay $900 and restitution to the Internal Revenue Service (IRS) of $82,933,652.95.

Knoll filed false IRS forms over many years in which he falsely claimed to have purchased massive quantities of racing fuel, all of which resulted in refund payments of over $80 million.

In addition, Knoll also used his refund scheme to commit bank fraud: he obtained a series of bank loans primarily based on his fraudulently obtained refund checks. When the IRS stopped the scheme, Knoll was unable to make the payments on his bank loans. The banks suffered losses of over $10,000,000.

Evan Knoll, who lives in Van Buren County, plead guilty in July to a tax fraud scheme to the tune of more than 80-million-dollars and investigators say he was after another 20 million when he got caught.

This Fox News article is more accurate.. http://fox17online.com/2012/11/21/torco-racing-owner-gets-prison-ti...