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71-Year-Old Ferrari Mechanic Gets Two Years in Prison for Fraud

They didn’t nickname the IRS the Infernal Revenue Service for no reason, mind you. Like it or not, you need to give back to Caesar what is Caesar’s, and this Ferrari mechanic makes no exception. He tried to get away with it for almost a decade, but now a U.S. District judge has sentenced him to two years in prison.
71-Year-Old Ferrari Mechanic Gets Two Years in Prison for Fraud 1 photo
71-year-old Terry Myr from Smiths Creek in St. Clair County has spent most of his life getting engine grease on his hands, but he did it for a price. We’re talking about the big figures here, as the man has been cheating on his taxes by hiding his true income and assets, including a rare engine he sold for $610,000 to a woman in Belgium.

According to the Detroit Free Press, Myr often had his clients pay him cash or with debit cards, but whatever he tried apparently did not work. He was sentenced yesterday by U.S. District Judge Nancy Edmunds, who also ordered him to pay $195,000 in back taxes. The self-employed classic exotics mechanic was convicted in April by a jury on one count of attempted tax evasion and four counts of failure to file tax returns.

The U.S. Attorney’s Office in Detroit says the mechanic owed roughly $195,000 in taxes, interest and penalties for failing to report all of his income between 2000 and 2003. According to the IRS, the man played a classic card, which is transferring property that he owned to a third party. Myr also used nominee companies to conceal his income and assets.

Wait, things get even more inventive. Since he knew money were not safe, the 71-year-old mechanic was using gold and other valuable metals to save up instead. As a matter of fact, according to the source in 2007, Myr and his wife tried to transfer nine acres of property in exchange for 10 ounces of gold.

As to the cash he got off the Ferrari engine, it appears he spent at least half of it to buy gold and silver coins. We don’t know what you think, but it sounds much like this guy was getting ready for something.

 
 
 
 
 

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