A co-founder of Morgan-McClure Motorsports has agreed to plead guilty to tax fraud charges.
Assistant U.S. Attorney Randy Ramseyer said Wednesday that in exchange for Larry McClure’s pleas, prosecutors will dismiss fraud charges related to the painting of show-car trailers.
But he says McClure has agreed to make restitution of nearly $60,000 related to those charges.
The plea agreement was outlined in documents filed Tuesday in U.S. District Court in Abingdon, Va. The co-founder of Morgan-McClure Motorsports signed the papers Monday, the site reported, but will not formally enter the plea until Jan. 15. No sentencing date has been set. According to the court papers and McClure’s indictment in October, McClure was involved in the filing of false tax returns for 2002, 2003 and 2004, as well as making false statements to Internal Revenue Service investigators. McClure failed to report $325,000 of income from the use of race cars in the Automobile Racing Club of America series, among other particulars.
McClure realizes “there is a substantial likelihood I will be incarcerated” and that the United States “will recommend I receive a substantial sentence.”
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