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NASCAR race team owner jailed

7th November 2007

Gene Haas, the owner of the Haas CNC Racing NASCAR Nextel Cup US stockcar racing team has been jailed for two years after pleading guilty to defrauding the American government of more than $20 million in taxes.

The charges relate to Haas’s Haas Automation company based in Oxnard, California and accuse him of planning to claim $50 million in non-existent expense that were to be were to be written off as business costs that would save the company $20 million in taxes.

In addition to the prison term, which begins in January 2008, Haas has already paid a $5 million fine and more than $70 million dollars as part of a plea agreement, requiring him to pay all outstanding taxes, plus penalties and interest.

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