Former NASCAR team owner Ronald Devine pleaded guilty in federal court Wednesday to failing to pay payroll taxes, the latest legal setback for the former BK Racing owner who faces millions in court judgments.
Devine, 68, admitted to failing to account for and pay hundreds of thousands of dollars in payroll taxes between 2012 and 2017 while operating BK Racing, which competed in the NASCAR Cup Series. The case was prosecuted in the U.S. District Court for the Western District of North Carolina
According to court documents, Devine transferred more than $2 million in payroll tax funds to other businesses he owned and controlled instead of paying the required federal taxes. The funds were supposed to be held in trust to cover income taxes and Social Security and Medicare contributions withheld from employees’ paychecks.
Devine was released on bond following his plea. The charge carries a maximum penalty of five years in prison and a $250,000 fine. A sentencing date has not been set.
— WCNC —