Evan Knoll what a loser!
 

GRAND RAPIDS (WZZM) -- The owner of a West Michigan-based fuel company is facing up to 70 years in federal prison for defrauding the government and banks out of $100 million.

Evan Knoll, founder and former president of Torco Racing Fuels, pleaded guilty to eight counts of making false claims against the U.S. and one count of bank fraud in the scam. Knoll entered the plea Wednesday in U.S. District Court in Grand Rapids.

Prosecutors say Knoll filed false claims for federal refunds of excise taxes on fuel he said he had purchased. The excise tax of 18.9 cents per gallon is levied on all gasoline sold in the U.S., but people who purchase the fuel for "off-road" use can apply for refunds of the tax.

Knoll falsely claimed to have purchased massive quantities of fuel to get $80 million in refunds since 2002. In addition, he used the refunds to get bank loans, causing the banks to lose $10 million before the IRS stopped the scheme in 2008.

Prosecutors say Knoll used the illegally-obtained funds to support a lavish lifestyle, including the purchases of a business jet, large homes in Gaylord and Decatur, a motorcoach, and a drag racing car -- items that were later seized by the IRS. They say he also used the money to give himself greater exposure in the drag racing community.

"Mr. Knoll's perceived success in the racing industry was
based on the money he was stealing from the American people. Mr. Knoll now faces severe consequences for his actions," said Erick Martinez, special agent in charge of the IRS criminal investigation, in a news release issued Wednesday.

"It is shocking how much federal tax money was stolen by this defendant. Evan Knoll lied to banks, accountants, business partners, his employees, the community he lived in and to the Internal Revenue Service for many years," said U.S. Attorney Pat Miles in the same news release.

Knoll will be sentenced on November 20.

Re: Evan Knoll what a loser!
 

And BP Did what???????

Re: Evan Knoll what a loser!
 

Some news sources are calling Evan Knoll the "king of drag racing."

Re: Evan Knoll what a loser!
 

x2

Re: Evan Knoll what a loser!
 

Well now get ready.
Every IRS agent out there will be scritinizing all Drag Racer tax returns.
Thinking we are all crooks.

Cal
HR 1177

Re: Evan Knoll what a loser!
 

I do not condone what Knoll did, just another person taking advantage of honest system for his own personal self, no worse than all those Wall Street Bankers and schemers.Basically this is the same scheme that Organized crime organizations were involved in during the late 90's and early 2000 where billions was stolen and hardly no convictions ever ensued in the U.S. and Canada. Remember don't steal the Goverment doesn't like competition. Claude

Re: Evan Knoll what a loser!
 

At least he Wasted it on Drag Racing...Just like me ...LOL

Re: Evan Knoll what a loser!
 

Just a big tax evasion scheme. 80 million in refunds ? dosen't anybody check the story before they cut a cheque. Equating this scam to the BP disaster in which 12 people died is sad. ---Trevor

Re: Evan Knoll what a loser!
 

I'm not comparing to the oil spill, Big oil get's billions of $$$$ in tax kick backs from the IRS every year. Sounds like Mr Evans was small potatoes in the fuel world to me. I wonder how much $$$ he would have gotten if he hadn't faked the returns. Too bad for everyone.

Re: Evan Knoll what a loser!
 

Actually, Big Oil doesn't get "kickbacks", that's the way the media likes to word tax deductions that every business is entitled to....depreciation, amortization, intangible drilling costs, domestic activity production deduction, to name a few. Every business is entitled to those deductions. When the press is focused on Big Oil and gives them different terminology then they become evil deductions. lol

Re: Evan Knoll what a loser!
 

Thanks, Julie for a voice of reason. We should thank the oil companies for the risks and regulations they endure to supply consumers with hydrocarbons for ALL products we use, from race and tow gas to the annoying plastic bags at WalMart rather than vilifying them

Re: Evan Knoll what a loser!
 

So true. I work for Cat and we say the shortest lifespan of anything at Cat is the concrete, put in in one day and I have seen them take it out before the end of the week. Tax write offs, whatever, at least we are working.

Shame about Evan and how it may look to Drag Racing altogether.

Re: Evan Knoll what a loser!
 

It was obvious to anybody that had any business sense that Torco was spending way beyond it's means when all of the cash was being doled out left and right. The gravy train lasted quite a while longer then I thought it would!
I have witnesses that can prove I said so at the time.
At least most of the ill-gotten gains were spent on drag racing and not WASTED!

Re: Evan Knoll what a loser!
 

So now I can give up on the $300 he's owed me since 2008? Been going to the box every day hoping the check's in the mail.....

Re: Evan Knoll what a loser!
 

Mark: I think that's about as likely as him paying back the 99.9 million he swindled from Uncle Sam (also known as us, the American taxpayer) and the banks.

I live very close (within 10 miles) of the former Torco and pretty much everyone that wasn't getting handouts from him knew something was going on, and that it was just a matter of time before the **** hit the fan. The crazy thing is even though he got this plea deal recently, he still walks around as a free man until he gets sentenced. What stops him from hopping on a jet and flying to Mexico, Bora Bora or Timbuktu?

Re: Evan Knoll what a loser!
 

I was told in 2007 he was a "fraud and major B.S. artist".
The guy predicted this would happen. LOL

Re: Evan Knoll what a loser!
 

Add another name Mike Ashley funny car.. just saying. Thief is a thief stole millions

Re: Evan Knoll what a loser!
 

x2.... thank you!

You cannot operate from the premise that government owns all wealth and production, and they are merely haggling over how much you are "allowed" to keep.

Re: Evan Knoll what a loser!
 

Hey. You know that graphics business? You didn't build that! :D

Re: Evan Knoll what a loser!
 

But there were a lot racers with thier hands out for his $$$$$.

Re: Evan Knoll what a loser!
 

You're darned right he didn't! He had govt. help! It all gets delivered using highways that were built by the govt. Probably got made using electricity generated by a govt. built hydroelectric plant. All paid for by govt. printed money. He didn't have anything to do with it! He just took advantage of the system. The govt. should take all of his money that he earned and distribute it to the downtrodden masses that aren't taking advantage of the system!

Re: Evan Knoll what a loser!
 

What about all that money he made racing? He got to the track using byways built by the gov't and pulling his car using a truck to pull his car that was built by a gov't subsidized(bailout) business! He should have to give all that back too! Lol

Re: Evan Knoll what a loser!
 

Ralph, ...um...He stole all that money, it wasn't "his".

Re: Evan Knoll what a loser!
 

Government, government, government!
What the Hell can the almighty government do without confiscating hard earned money from the tax payers? Where does this tax payer money come from, WHY, somebody, NOT THE government, created a place for the tax payers to earn their money!
UNLESS, the government borrows it from the commie chinks and saddle our kids and grandkids with the debt!

Re: Evan Knoll what a loser!
 

We're talking about someone who defrauded OUR country out of millions of dollars of OUR money. We should be concerned why it took so long to catch him and why there are no "checks and balances" in place to prevent these kinds of crimes from taking place.

The tax incentives that "Big Oil" receives were written into the Federal Tax Code long before gasoline became a profitable commodity. Under threats from these multinational conglomerates, these "incentives" have continued even as profits have increased. Perfectly legal, but about as morally reprehensible as those others who milk the system for their own benefit. And until WE effect some change in the Tax Code to remove these "incentives" and "loop-holes" this will continues to happen. Just don't count on Congress to do it!

Re: Evan Knoll what a loser!
 

I think it is great that someone used his own income to fund racing rather than giving it to the wasteful government as tax to be handed out to illegals for phones, food and gas ... by the way how many of you could drill and refine your own oil, without Big Oil we would probably be paying 3x as much for gas right now ... I wouldn't want to go thru all of the hassles and regulations the gov makes you go thru just to drill let alone refine ...

Re: Evan Knoll what a loser!
 

Wow, you mean our tax dollars aren't used to build roads, bridges, schools, disaster relief, fund medical research, take care of our old and ederly, fund the military, ect. What in good lord are they doing with it!!! (tic)

Re: Evan Knoll what a loser!
 

I worked for a oil and drilling company for 22 years and me and the other 400 employees paid our share in taxes.No tax write off for my ***!

Re: Evan Knoll what a loser!
 

They can't get there own house in order look at GSA what a mess.

Re: Evan Knoll what a loser!
 

It's not the almighty governments money, it's OUR money!
Not so long ago we had a majority of people who thought it was perfectly OK to stick it to the irs.
Now we have a whiney bunch that act like somebody is stealing from them if they don't pay every dime the government demands!
Without a doubt these are the same people fretting that somebody that is bending the rules is cheating them when in reality these whiners would very rarely win anyway!
The regime is resurrecting the loans to borrowers that don't qualify. This is what crashed the economy in 2008!
The tax payers are still paying for that and will pay for this latest fiasco!
So you holier then thou whiners pay every dime the government wants, you know where it will end up!

Re: Evan Knoll what a loser!
 

I agree 100%,MR. Hope & Change will fix every thing if we just give him just one more term and this time he means it.LOL

Re: Evan Knoll what a loser!
 

Well you said it much better than I did,lol. Thanks

Re: Evan Knoll what a loser!
 

Evan was cool when I met him years ago.

The gov't wrote checks to him w their paid accountants. They should be fired for not doing their job.

He got caught, many don't as we know.
I don't think the gov't is doing a good job w our elderly from what I have seen.
They like druggies, illegals and lazy ones who get a ship load of free bene's monthly.
Thanks Evan for supporting our great sport. It was a cool ride. You got caught, now do your time. et al.

Re: Evan Knoll what a loser!
 

Does anyone know just what 'loopholes', etc that the oil industry gets, or did you hear the term on CNBC or maybe from some democrat? Julie probably does, but she can't play.

Re: Evan Knoll what a loser!
 

Pissing away the rest(tax payer dollar) on wastefull BS entitlements/pork barrel spending! The waste and abuse is beyond comprehension!

Re: Evan Knoll what a loser!
 

Actually Jeff, it does not take much just look it up on the web. This is from the state of Texas

http://www.window.state.tx.us/specia...rgy/subsidies/


All energies get some form from the government

Re: Evan Knoll what a loser!
 

Before getting buried in a discussion of whether or not a corporation or industry receives a "subsidy", one needs to know if the entity or industry is a net tax payer or a net tax receiver. I really don't mind if a corporation pays no income tax. Consumers pay for everything at the time of purchase including taxes and profits anyway. This way maybe we can get a bit closer to knowing what the actual cost of the product is. Here is a good little article from Forbes [http://www.forbes.com/2010/04/01/ge-...ate-taxes.html] If I wanted to be really irked at an industry I'd look at the "green energy" industry. Then you would be really irked at the legislators who are enamored with this farce and spend your tax dollars with wreckless abandon trying to kick-start something that just isn't practical and won't pan-out.

Re: Evan Knoll what a loser!
 

From some of the comments I've read here, it appears that not everyone knows what Knoll did. The federal government charges an 18.5 cent tax on every gallon of gasoline sold in the US. If the gas is sold for off road use, the seller can file to have the 18.5 cent tax refunded. Knoll filed false reports to claim the refunds and received the payments. When the government did a routine audit that they do for everyone who files, they caught him.

It has not taken this long for the government to catch Knoll. He got caught with the scheme in 2008 and it has taken until now for him to plead guilty. Along the way were competency hearings, not guilty pleas and other legal maneuvers to delay a trial.

Jim

Re: Evan Knoll what a loser!
 

Jim, Thank you for setting the record straight. Some people are so set against "big oil" that they will use any excuse to bad mouth them.

Re: Evan Knoll what a loser!
 

That 20 gallon fill up you did yesterday? The one that cost you around $64?

You'll be happy to know that your state and federal government enjoyed taking in $7.60 of that.

The oil company that produced those 20 gallons of gas made about $1.34. Oh, that includes what the station that you bought the gas at made.

Yep, a massive, overwhelming, $0.07 (rounded up, by the way) per gallon the oil company and the gas station made on you, for providing you a product.

Of course, the government needed that paltry $0.38 per gallon they made on you, ostensibly for the road you drove on.

Oh, and you can thank those same government leaches for another $10-$12 of that new $64 hole in your wallet. Why?

Because you paid extra for an ethanol subsidy (which cost you around 10% of your federally mandated fuel economy you paid extra on your vehicle for).

You also paid for extra for having to have a "special" blend of that gasoline because of your street address. Yes, those of you in Division 3 got different gas than those of you in Division 1, or those in Division 5. In fact, a lot, if not most of you in the same Division got different gas than others in a different part of your Division.


Yes, those evil dastardly "big oil" companies. How dare they make up to 2.1% profit. A massive $2.1%. I mean, really, 2.1%? What are they thinking?

That's right, according to Fortune 500, the profit margin for the petroleum refining industry is 2.1%.

Crude oil production (drilling it and pumping it out of the ground) pays off at 11.5%. When you combine it with the mining industry.

Your ISP, that lets you browse Ken's website only makes 19.4% profit.

Your phone company only makes 20%.

Your cable or satellite provider only makes 20%.

The company that made your aspirin, antacid, cold and flu medication, or prescription drugs only made 19.3%.

The company that made all the things in your doctor's office or the hospital only made 16.3%.

The railroad that hauled a lot of that stuff only made 12.6%.

Your retirement investment firm only made 11%.

Only if you combine both drilling and pumping with refining and delivery does the profit margin possibly reach 13.6%.

However, that 13.6% includes the profit that the entity that owns the mineral rights makes. Or, in other words, Brazil, Saudi Arabia, Qatar, or any other host of nations.

By the way, the $0.38 per gallon the government makes DOES NOT include what the government makes on the mineral rights. They lease the mineral rights for billions of dollars. That's right, those oil rigs you see on public land, the government is making billions of dollars off of them, and you are paying for it. You even pay the salary of those guys and gals riding around in vehicles you bought, so the government can over see their billions of dollars they make as part of "big oil".

Oh, yeah. That 13.6% profit? It is not made just on gasoline and diesel fuel. Just about everything that has plastic or rubber in it contains refined petroleum. So to assume they're making 13.6% on every gallon of gas or diesel you buy is absurd, and not even close to the truth.