Banking & Finance, Law, and Sports Business

Torco Racing Fuels owner gets 14 years for $100M fraud

November 22, 2012
| By AP |
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GRAND RAPIDS –– The 52-year-old owner of Torco Racing Fuels in southwestern Michigan has received a 14 year federal prison sentence for his role in a $100 million gasoline excise tax refund and bank-fraud scheme.

Fifty-two-year-old Evan Knoll of Decatur pleaded guilty July 25 in federal court in Grand Rapids to bank fraud and making false claims.

The Internal Revenue Service says his claims of buying hundreds of millions of gallons from refiners for a "private label" brand were false. High-octane racing fuel is exempt from some taxes.

Knoll was accused of seeking to defraud the government and lenders of at least $100 million over 10 years.

The Justice Department said Wednesday that U.S. District Judge Robert Jonker also ordered Knoll to make $83 million in restitution.

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