Boss of failed Boston IndyCar race pleads responsible to fraud, cash laundering - Motor Informed

Boss of failed Boston IndyCar race pleads responsible to fraud, cash laundering

The previous CFO of the Boston Grand Prix organisation which was making an attempt to convey an IndyCar race to the town’s Seaport district, Casey was indicted in September 2020 for channelling funds for his personal private achieve and laundering the proceeds of the scheme, which he didn’t report as earnings.

Based on, the web site of Boston newsmagazine Chronicle, Casey has pleaded responsible to “23 counts of wire fraud, three counts of aggravated id theft, 4 counts of cash laundering and three counts of submitting false tax returns”.

The Grand Prix of Boston introduced the signing of license agreements and a memorandum of understanding with the Metropolis of Boston and state businesses on April 14, 2016, but barely greater than two weeks later the occasion was cancelled, and fewer than 4 weeks afterwards IndyCar filed a lawsuit towards the organisers.

Finally, IndyCar lined the $900,000-plus refunds to followers when it was revealed that Boston GP had solely $60,000 in property towards liabilities of some $9m.

At this time, Federal prosecutors revealed that the Boston GP organisation “made funds to or on behalf of Casey totalling roughly $308,292 in 2015 and $601,073 in 2016 which Casey failed to incorporate within the gross earnings he claimed on his private tax returns for these years”.

Prosecutors have revealed additional monetary irregularities concerning an ice-rink that Casey owned, and that he fraudulently obtained financial harm catastrophe loans and paycheck safety programme loans throughout the peak of the coronavirus pandemic, leading to roughly $676,552 in COVID-19 aid funds being deposited into financial institution accounts managed by Casey.

Casey is predicted to be sentenced in February.



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