NASCAR Owner Legal Woes: In a significant development for the NASCAR community, the U.S. Attorney’s Office revealed on Wednesday that federal charges have been levied against a former NASCAR team owner.
A grand jury in Charlotte issued an indictment against 67-year-old Ronald Devine from Burke, Virginia. He faces four counts of failure to pay essential payroll taxes.
The allegations, as detailed in the indictment, paint a picture of Devine’s role as the influential owner and President of BK Racing, LLC. This racing entity not only fielded a NASCAR racing team but also held ownership of two coveted NASCAR charters.
With his position as BK Racing’s owner, Devine held significant sway over the team’s financial dealings. He had sole authority over bank accounts signed off on the filing and payment of the team’s trust fund taxescommonly known as “payroll taxes.”
The indictment alleges that this responsibility was neglected, starting in 2012, leading to substantial unpaid payroll taxes running into the hundreds of thousands of dollars.
Moreover, between 2012 and 2017, rather than utilizing the funds earmarked for payroll taxes, Devine allegedly diverted over $2 million to other businesses and entities under his control. These funds were reportedly allocated to cover various expenses for BK Racing, including rent, utilities, and vendor bills.
Devine is now set to make his first appearance in federal court in Charlotte, a crucial moment in the legal proceedings.
If convicted, Devine faces a maximum penalty of five years in prison and a $250,000 fine for the four counts specified in the indictment. This development underscores the severe consequences individuals in the NASCAR community face when financial obligations are neglected.
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Our Reader’s Queries
Who was the NASCAR owner indicted?
The U.S. Attorney for the Western District of North Carolina, Dena J. King, has announced that a former NASCAR team owner is facing federal charges. Ronald Devine, 67, from Burke, Virginia, has been indicted by a Charlotte grand jury on four counts of failing to pay payroll taxes.
Why did the Winston Cup museum close?
In 2005, the Winston Cup Museum made its grand debut. However, due to financial struggles and a legal battle with ITG regarding branding, the museum was forced to close its doors. This news was met with mixed emotions from both the founders and fans. Despite the unfortunate circumstances, NASCAR enthusiast Matthew Oliver expressed gratitude for having been a part of the museum’s history.
What is the penalty for Hendrick?
The crew chiefs of all four Cup Series teams at Hendrick have been hit with a $100,000 fine and a four-race suspension, which has been upheld by the panel. This has resulted in a combined fine of $400,000, which is the largest ever imposed on a single organization in NASCAR history.
Who owned BK Racing?
Ronald Devine, a 67-year-old resident of Burke, Virginia, has been indicted by a grand jury on four counts of failing to pay payroll taxes. The U.S. Attorney’s Office in Charlotte has confirmed that Devine was the owner and president of BK Racing, a NASCAR racing team that owned two NASCAR charters.
