Torco Fuels Raided By IRS
 

Evan Knoll's Torco Racing Fuel business was raided today by IRS. Check out the Kalamazoo (Mich.) Gazette for the full story.

Re: Torco Fuels Raided By IRS
 

Here is the article from the newspaper


DECATUR -- Internal Revenue Service agents on Thursday raided the corporate office of Decatur businessman Evan Knoll, whose enterprises include Torco Racing Fuels and Knoll Gas Motorsports, federal and local authorities said.
Stephen Moore, a spokesman for the criminal investigations division of the IRS, said federal agents executed a search warrant at Knoll's business office in downtown Decatur.
Moore said they also had a search warrant for a second location in Decatur but he would not say where. Moore would not say what the agents were looking for.
About 20 federal agents and deputies from the Van Buren County Sheriff's Office were involved in the operation, Moore said.
Van Buren County Undersheriff Paul Edwards said federal agents had an 8 a.m. briefing at the sheriff's department in Paw Paw before heading to the Knoll's business office, which is located at 201 S. George St. in Decatur.
Edwards said the IRS contacted his department Wednesday and asked the agency to provide a "uniformed presence" during the IRS action. The federal agents did not detail for local authorities what they hoped to confiscate or why.
The sheriff's deputies did not participate in the seizure of records, Edwards said.
Charles Gross, the acting U.S. attorney for the western district of Michgan, said Thursday that he could "neither confirm nor deny" that Knoll was under investigation.
The Gazette could not reach Knoll or his lawyer for comment.
Knoll, who is one of the biggest names in U.S. drag racing, and his businesses have been hit with three federal lawsuits since April 2007 alleging contract breaches.
In January, Torco announced it was withdrawing millions of dollars of sponsorships from a number of elite racing teams. Knoll recently stopped construction of a $2 million home in Decatur and several contractors have filed liens against the property for unpaid invoices.
Knoll has remained out of the public spotlight for a number of months and has cited lingering health issues related to a 2004 car crash for his absence.
Gazette staff writer Gabrielle Russon contributed to this report.

Re: Torco Fuels Raided By IRS
 

You hate to see anyone in trouble, but the way he was treating the little guys in a couple of organizations I race with, make you believe in what goes around comes home to roost some day too. Lots of people including yours truly have came up short at the mail box waiting for money from TORCO. He has lots more trouble now that a few $1,000 in payout to a nobody.
Jim N.

Re: Torco Fuels Raided By IRS
 

I have not raced in 3 years and I'm still waiting for contingency checks from Torco. Looks like me along with alot of other people will never see the $$$

Re: Torco Fuels Raided By IRS
 

i got paid several times from torco, i think he did a great job, man, he sponsored a lot of racers and did a lot for ihra and nhra. lets not crucify the man! I for one thank him for all his support, no matter what if any wrongdoings!

Re: Torco Fuels Raided By IRS
 

Looks like another IRS witch hunt. I can name better qualified cretins for them to chase...like mortgage bankers.:mad: Plenty of shysters on Wall Street to take down. Let's see how this plays out (any bet VP lobbied this? Tree huggers?)

Re: Torco Fuels Raided By IRS
 

A couple of years ago, someone told me, they thought Knoll was'nt given a good bill of health. We were wondering if that's why he was doling out so much money. Like he only had so much time. I have no idea if that was true, but it kinda fits now. I could be way wrong too.

I never met that guy, but I did think he was awful good to dragracing, as a whole.

Re: Torco Fuels Raided By IRS
 

After dealing with Mr. Knoll and Company on several levels for many years, I have to say, a blind man could have seen this coming.