Former Cup owner Ron Devine was indicted Wednesday of four counts of failure to pay payroll taxes, according to a release from the U.S. Attorney‘s Office for the Western District of North Carolina.
The 67-year-old Devine was the primary owner of BK Racing, which fielded a Cup entry from 2012-18. He filed for Chapter 11 bankruptcy for the team 72 hours before the 2018 Daytona 500, shortly before a bank was to begin court proceedings to request it operate BK Racing and seek a preliminary injunction to prevent him from selling or leasing the team‘s charter. The bank claimed that the team owed more than $8 million in outstanding loans.
Later that year, the bankruptcy court sold his team‘s charter and assets for $2.08 million. Front Row Motorsports purchased the charter and assets.
According to the allegations in Wednesday‘s indictment, Devine oversaw BK Racing‘s financial affairs as the owner and president of BK Racing, LLC. The indictment alleges that starting in 2012, Devine caused BK Racing to fail to account for and pay payroll taxes.
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