Federal agents have arrested 42-year-old Preston Harrison on charges of tax fraud and money laundering. Harrison is alleged to have bilked investors, who invested in the company he founded called OXYwater, out of millions of dollars. IRS and FBI agents came to Harrison’s Lewis Center home on Tuesday to arrest Harrision and his wife Lovena. Harrison and his partner were founders of the company, which produced a vitamin-enhanced sports drink that contained added oxygen. When the company filed bankruptcy with no assets in 2013, the government says investors lost $9 million dollars. ‘It’s unfortunate that all these people invested $9 million dollars of hard earned savings into this product and won’t get back those dollars,’ said Assistant US Attorney Laura Fulton. According to court records, in an effort to make OXYwater appear profitable, Harrison defrauded investors by creating false sales and profit data. Records show, Harrison took the investors’ money and laundered it through his wife’s daycare business called Forever Now, which filed for bankruptcy in 2013. The government says Harrision took the cash and bought a pool for his home along with a 7-series BMW, Cadillac Escalade, and 8 weapons. Harrison faces more than 30 charges involving tax evasion and money laundering. If convicted he could face decades in prison.(10tv.com).
OXYWater was announced as the primary sponsor of the #32 FAS Lane Racing Ford team early in the 2013 season and a few weeks later reports had the IRS probing OXYwater founders. The final race OXYwater was on the #32 Ford was at Indianapolis in July 2013 with Timmy Hill driving.(5-21-2014)
