Larry McClure Pleads Guilty to Tax Fraud
However, McClure reached a plea deal with the prosecutors earlier this week, admitting filing false tax returns from 2002 through 2004 and lying to the Internal Revenue Service investigators. Also, he agreed to pay a total amount of $60,000 as restitution money related to the charges he pleaded guilty for. Also, he will pay $25,000 to the IRS for investigative costs.
In exchange, the US prosecutors have dismissed the charges related to painting invoices, as announced by Assistant U.S. Attorney Randy Ramseyer on Wednesday.
McClure was also found guilty of failing to report more than $300,000 in revenues, following the lease of sport cars to be used in the Automobile Racing Club of America series.
Pleading guilty to the 5 counts, McClure now faces up to 3 years in jail per charge (15 overall). Also, he will not be allowed to appeal the sentence. However, according to the plea deal statement, the U.S. district attorney will push for a sentence reduction for McClure.
Morgan-McClure Motorsports team made their NASCAR debut in 1983 and competed in the famous stock car series through 2007. However, the organization was not mentioned in the indictment by the grand jury.