McClure pleads not guilty

Morgan-McClure Motorsports co-owner Larry McClure pled not guilty to tax fraud charges Thursday in U.S. District Court in Abingdon, Va., according to court records. According to the indictment issued Tuesday against McClure, in a dispute over $325,000 of unreported income from 2002-2004, the government alleges that McClure's claim that the money was a loan he received was false and was an attempt to avoid paying taxes on it. The race team is not mentioned in the indictments. According to a news release from the U.S. Department of Justice, McClure faces up to 115 years in prison and a $2.75 million fine if convicted. Bond was set at $10,000. A trial date is set for Jan. 20-23 on the tax charges as well as charges stemming for an alleged fraudulent $59,852 invoice for painting of show cars. Scene Daily