Rare, classic car specialist convicted of tax evasion
A St. Clair County man who specialized in repairing rare and classic cars was convicted Thursday of one count of tax evasion and four counts of failing to file tax returns, according to the U.S. Justice Department.
Terry Myr of Smith’s Creek has been assessed approximately $195,000 in taxes, interest and penalties for failure to report all of his income for the years 2000 to 2003.
According to authorities, in order to prevent the IRS from collecting taxes that he owed, Myr transferred property that he owned to a third party, used nominee companies to conceal his income and assets and otherwise did business in cash.
Additionally, Myr sold a rare Ferrari car engine for $610,000 and then attempted to hide proceeds from the sale. According to the government, Myr had not filed a return, or paid federal income taxes, since 2001.
Myr faces a maximum sentence of five years in prison and a $250,000 fine for the tax evasion count and a statutory maximum sentence of one year in prison and a $100,000 fine for each of the four failures to file convictions.
Myr is set to be sentence on Aug. 25 before U.S. District Court Judge Nancy Edmunds.