Fuel scammer faces up to 30 years,$100m

GRAND RAPIDS, Mich. (WOOD) - The owner of Torco Racing pleaded guilty Wednesday to bank fraud and may be responsible for restitution topping $100 million.

Evan Knoll, whose Torco Racing is also known as General Sales and Service (GS&S), admitted he created false documents between September 2004 - February 2008 that showed his company sold large amounts of tax-exempt racing fuel. He then used those records to file with the IRS and requested refunds for the fuel taxes he supposedly paid.

Overall, he requested refunds of more than $100 million from the IRS, and received more than $80 million in refunds.

In federal court, he pleaded guilty to eight counts of making a false claim to the government and one count of bank fraud.

He faces up to 30 years in prison and up to $1 million in fines. Knoll may also be responsible to re-pay $89,976,953 to the US Treasury and a combined $13 million to Chemical Bank and Comerica Bank.

Knoll walked out of the federal courthouse to await his November sentencing.

After the court proceeding, IRS officials held a news conference but wouldn't talk about whether they can get the taxpayers' money back. They've already seized and sold his Lear jet, homes and various toys, but wouldn't say how much that yielded.

24 Hour News 8's Henry Erb contributed to this report.