Evan Knoll, former owner and operator of Torco Race Fuels, pleaded guilty to eight counts of making a false claim to the government and one count of bank fraud.
Knoll faces up to 30 years in prison and restitution, as well as $1 Million in fines, for a scam he perpetrated from September 2004 through February 2008. He may also be responsible to re-pay as much as $89,976,953 to the US Treasury and $13 million to both Chemical Bank and Comerica Bank.
Knoll will be sentenced in November.
Torco Race Fuels was the title sponsor for CompetitionPlus.com from December 2004 until June 2008. Knoll's sponsorship entities included the three major sanctioning bodies including the NHRA, IHRA and ADRL. He also served as the major sponsor for a number of professional and sportsman race teams.
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