Updated: Monday, 10 Nov 2008, 11:42 AM EST
Published : Monday, 10 Nov 2008, 11:42 AM EST
GRAND RAPIDS, Mich. (WOOD) - Evan Knoll owes $15 million to banks and is holding an online
auction to help pay that bill.
Federal officials say the investigation surrounding Knoll's company, Torco Racing Fuels, deals with excise tax refuns.
When buying and selling fuel, Knoll paid the tax up front but, but was able to get it back when using the fuel for off-road purposes such as drag racing.
It is alleged that Knoll submitted claims and received refunds in amounts much larger than actually used.
Now dozens of his luxury items -- from snowmobiles to dirt bikes -- are up for auction.
The auction is not expected to raise the needed $15 million.
The online auction runs until 5 p.m. today.
On the Net: Online Auction