More Evan Knoll...... (1 Viewer)

[DrRocket]

Unless Knoll steps up to the plate and covers what he stole, you can bet the IRS will come knockin some day after and if he is convicted.

Here locally, a couple of fraud cases have just wound up that received/are receiving a lot of local media attention. In both cases, the people involved have been tried and convicted and are now serving their jail terms. (50 years in case. He'll be a VERY old man by the time he gets out, IF he gets out before he dies.)

In both cases, attorneys and trustees involved with the associated bankruptcy proceedings are now engaging in what they call "claw backs" in which anyone, (and I mean anyone,) whoever received any of the money involved from the two who were convicted are getting slapped with lawsuits if they don't agree give the money back. Even local non-profit organizations who received gifts or donations are being asked to give the money back, and in many cases HAVE returned at least some of the money.

They're also going after ex employees who weren't directly involved with the scams (A new car dealership business in one case.) for bonuses and other special payments they received.

I sure hope it doesn't come down to this in the fallout from Evan Knoll’s case, but it wouldn’t surprise me if it did.

 

[Greg]

Here locally, a couple of fraud cases have just wound up that received/are receiving a lot of local media attention. In both cases, the people involved have been tried and convicted and are now serving their jail terms. (50 years in case. He'll be a VERY old man by the time he gets out, IF he gets out before he dies.)

In both cases, attorneys and trustees involved with the associated bankruptcy proceedings are now engaging in what they call "claw backs" in which anyone, (and I mean anyone,) whoever received any of the money involved from the two who were convicted are getting slapped with lawsuits if they don't agree give the money back. Even local non-profit organizations who received gifts or donations are being asked to give the money back, and in many cases HAVE returned at least some of the money.

They're also going after ex employees who weren't directly involved with the scams (A new car dealership business in one case.) for bonuses and other special payments they received.

I sure hope it doesn't come down to this in the fallout from Evan Knoll’s case, but it wouldn’t surprise me if it did.

"Claw backs" is what I was trying to think of in one of my earlier posts, but I just couldn't remember the word for it. First time I'd heard it used was with Madoff's case.

I don't see why this should be a surprise to anyone. It's just the way cases like this are typically handled, and they won't care if it bankrupts anyone. I hope I'm wrong, but this is going to get a lot uglier before it's over. You're talking about teams, sanctioning bodies, web sites, etc. This is going to be far reaching, and extraordinarily damaging to a great many people unfortunately.

 

[john]

Unless Knoll steps up to the plate and covers what he stole, you can bet the IRS will come knockin some day after and if he is convicted.

The IRS doesn't wait for what's theirs and he will be convicted, count on it.

 

[n/a]

Quite a while back it was mentioned that there were some teams that spent the said moneys promised from Evan before actually receiving it. Then Evan pulled out and those teams were stuck with the bill for those parts etc that they purchased. Looking back that may have been the lesser of two evils.

 

[The Swegian]

Here locally, a couple of fraud cases have just wound up that received/are receiving a lot of local media attention. In both cases, the people involved have been tried and convicted and are now serving their jail terms. (50 years in case. He'll be a VERY old man by the time he gets out, IF he gets out before he dies.)

David, are you referring to the "good people helping good people" guy?

 

[DrRocket]

David, are you referring to the "good people helping good people" guy?

Petters and Hecker. Two stand up guys. I can still "see" Denny's smiling face looking at me from the side of a bus......

 

[.]

The IRS doesn't wait for what's theirs and he will be convicted, count on it.

Oh, I agree. The IRS has a 90% conviction rate since 1919. They do not chase unwarranted cases.

And everyone that took sponsorship should take note. They will do forensic accounting on his books, and they have names, dates, and dollar amounts. If those recipients are lucky they wont charge them interest.

 

[none]

Oh, I agree. The IRS has a 90% conviction rate since 1919. They do not chase unwarranted cases.

And everyone that took sponsorship should take note. They will do forensic accounting on his books, and they have names, dates, and dollar amounts. If those recipients are lucky they wont charge them interest.

Yea.....I will respectfully disagree with you on both counts. My guess is his "bookwork" will not be as it should and not everyone that took money will receive a colonoscopy....

 

[Tony]

Yea.....I will respectfully disagree with you on both counts. My guess is his "bookwork" will not be as it should and not everyone that took money will receive a colonoscopy....

Evan Knoll foolishly carried-out his criminal spending of OUR government's money in a very public and flamboyant fashion. You can be assured that anyone that was a benefactor of his need-for-greed scheme will be questioned and investigated by the IRS to determine if they were aware of his intentions.

 

[none]

Evan Knoll foolishly carried-out his criminal spending of OUR government's money in a very public and flamboyant fashion. You can be assured that anyone that was a benefactor of his need-for-greed scheme will be questioned and investigated by the IRS to determine if they were
<<<<<< aware of his intentions. >>>>>>

yup.......

 

[nedannouncer]

Here we go...Knoll ruled competent to stand trial

Bang Shift : : Breaking News: Evan Knoll Fit For Trial by Federal Judge - Pleads Not Guilty on 10 Counts

 

[The Swegian]

Petters and Hecker. Two stand up guys. I can still "see" Denny's smiling face looking at me from the side of a bus......

Yeah, that's what I figured. Hecker with that crooked smile. That and ALL the advertising they did...I said I'd never buy a car from that guy. Something seemed not right to me.

 

[Paul]

Yikes, that latest article link states:

"The truly disasterous thing for the sport would be if the IRS decides to chase the money Knoll gave to teams in the form of sponsor agreements. . . . We have spoken to several sources familiar with both the IRS and their track record in these cases and to a person they have stated the chances of that happening at this point are hovering around 50/50. "

I hope this doesn't happen but this could reach really deeply into the sport.

I just realized that my company sold some valve spring testing equipment to one of the companies receiving funds from Torco, this money really got spread around to a lot of companies. Hopefully at some point the IRS realizes that its not practical to try to get it all back.

 

[Greg]

Yikes, that latest article link states:

"The truly disasterous thing for the sport would be if the IRS decides to chase the money Knoll gave to teams in the form of sponsor agreements. . . . We have spoken to several sources familiar with both the IRS and their track record in these cases and to a person they have stated the chances of that happening at this point are hovering around 50/50. "

I hope this doesn't happen but this could reach really deeply into the sport.

I just realized that my company sold some valve spring testing equipment to one of the companies receiving funds from Torco, this money really got spread around to a lot of companies. Hopefully at some point the IRS realizes that its not practical to try to get it all back.

That's what most have been saying here for quite a while. I'd say the odds are much greater than 50/50. If I was down to my last $100, I'd go all in that anyone who received money from him is going to get hammered in a big way. It's just the way it goes in cases like this.

 

[Nick Name]

That's what most have been saying here for quite a while. I'd say the odds are much greater than 50/50. If I was down to my last $100, I'd go all in that anyone who received money from him is going to get hammered in a big way. It's just the way it goes in cases like this.

Along with every restaurant he ate in and every plane ticket he bought, all of his walmart receipts etc.

 

[.]

Along with every restaurant he ate in and every plane ticket he bought, all of his walmart receipts etc.

Be sarcastic all you want. If you think the IRS should turn a blind eye to this and not recover the money that was stolen from tax payers and given to racers to blow, you better never complain about anything that the government spends.

 

[Rajunz]

Be sarcastic all you want. If you think the IRS should turn a blind eye to this and not recover the money that was stolen from tax payers and given to racers to blow, you better never complain about anything that the government spends.

People provided an honest service to the man. They got paid for their services, without knowing that he was paying them with stolen money. Just as the airlines that he bought tickets from with the same stolen money, just as the Walmarts that he bought merchandise from with the same stolen money. What about the people that built his house, dealerships that sold him cars, etc., etc. How many people do you bankrupt before drawing a line?

 

[.]

People provided an honest service to the man. They got paid for their services, without knowing that he was paying them with stolen money. Just as the airlines that he bought tickets from with the same stolen money, just as the Walmarts that he bought merchandise from with the same stolen money. What about the people that built his house, dealerships that sold him cars, etc., etc. How many people do you bankrupt before drawing a line?

He stole from tax payers. If this money didn't go to racers, everyone on here would be raising hell about it.

 

[nedannouncer]

Will the government chase dinner checks? No, because it is not worth the time and effort. Will they chase the major channels of where the money went, you know the ones that you can google up (i.e. sponsors teams, etc)? Maybe. That's the big question at this point.

Brian

 

[Jeff]

Some of this speculation is pure fantasy (or nightmare, really). The IRS, nor any bankruptcy trustee, doesn't have the ability to look through transactions done on standard commercial terms. If there is exposure it stops at the point, and to the extent, the deal was too rich.

Otherwise they'd just inspect the background of almost every large bill and that would not turn out good for any of us!

90 percent of U.S. bills carry traces of cocaine - CNN