Just the other day we were wondering what ever became of Evan Knoll, the Michigan man who ran Torco Racing Fuel, which became the biggest name in drag racing sponsorships during a several year run in the mid-2000s. Rumors of government investigations and possible prosecution have swirled for years. With the recent announcement that the Federal government will be charging Knoll with bank fraud and false claims, it appears that the whole story of exactly where all that money came from will be told.
The government alleges that Knoll filed false claims about how much racing fuel he was dealing in, resulting in huge tax credits from the government because racing fuel is not taxed. (After this case draws a bunch of attention, we bet that won’t last for long) How much money is the government claiming Knoll got that he didn’t deserve? Not all that much, just 80-freaking-million dollars over 10 years.
There will surely be some interesting stuff that comes out as the legal wrangling of a trial begins and lots of it will probably be uncomfortable for drag racing. Knoll’s money was infused into virtually every nook and cranny of the sport, from local sportsman racers to event sponsorships and even sponsorships of whole drag racing series.
The charges of bank fraud and false claims carry a combined potential jail sentence of 35 years and more than $1 million in fines.
We’ll keep you posted on the case as news becomes available.
Maybe Evan and MIke Ashley can share a cell…