Search
Close this search box.

Partner

Former Cup Series Owner Indicted on Four Counts of Failure to Pay Payroll Taxes

Ron Devine, the majority owner of former NASCAR Cup Series team owner BK Racing, has been indicted on four counts of failure to pay payroll taxes, the US Attorney’s Office for the Western District of North Carolina revealed on Wednesday. Photo Credit: Logan Whitton, LAT images

Former NASCAR Cup Series team owner Ron Devine was indicted Wednesday on four counts of failure to pay payroll taxes, according to a press release from the U.S. Attorney’s Office for the Western District of North Carolina.

Devine, 67, was the majority owner of BK Racing, which competed in the NASCAR Cup Series from 2012 to 2018. Prior to the 2018 Daytona 500, the team filed for Chapter 11 bankruptcy to prevent Union Bank & Trust from taking (and selling) the team’s charter.

Later that year, the bankruptcy court sold the organization’s charter and assets to Front Row Motorsports for $2.08 million.

The indictment alleges that as owner and President of BK Racing, Devine had full control over the team’s finances, which included; control over accounts, directing and authorizing bill payments, and authorizing the filing and payment of payroll taxes.

Starting in 2012, Devine is said to have caused BK Racing to not properly pay hundreds of thousands of dollars in payroll taxes, with the indictment citing 2017, where Devine allegedly failed to pay more than $390,000 in payroll taxes to the IRS.

Furthermore, the indictment alleges that between 2017 and 2017, instead of using funds held held in trust to pay for payroll taxes, Devine transferred $2 million to other entities he owned or controlled, and usedsome funds to pay for BK Racing’s expenses.

Now, Devine will have his initial appearance in federal court in Charlotte. The charge of failure to truthfully account for and pay over trust fund taxes carries a maximum sentence of five years in prison and a $250,000 fine for each of the four counts in the indictment.

share it
Facebook
Twitter
LinkedIn
Reddit

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Post

Kyle Weatherman JJ Yeley Jason Miller shove post race fight video 2024 Atlanta NASCAR Xfinity Series
Video: "Next Time You Touch My Racecar" Kyle Weatherman Takes Post-Race Shove After on-Track Incident with Yeley
Kevin Harvick Inc. 2024 schedule and drivers super late model late model stock
Kevin Harvick, Inc. Returns to Full-Time Racing, Unveils Driver Lineup
Daytona 500 qualifying results 2024 NASCAR Cup Series
Qualifying Results: 2024 NASCAR Cup Series Daytona 500
Denny Hamlin Jim France NASCAR Team Owners Charter Agreement negotiations
'It's Disappointing': Denny Hamlin on Jim France Declining a Meeting with Cup Series Teams at Daytona
NASCAR Cup Series starting lineup Ambetter Health 400 atlanta motor speedway 2024
Qualifying Results: NASCAR Cup Series Ambetter Health 400 at Atlanta
NASCAR Xfinity Series practice results 2024 United Rentals 300 Daytona
Practice Results: NASCAR Xfinity Series United Rentals 300 at Daytona

Join Our Newsletter

Ready to have NASCAR news hand-delivered to your email daily?

Related Article