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Indy 500 Champ Helio Castroneves Indicted, Charged With Tax Evasion and Fraud
MIAMI — Helio Castroneves, who won the Indianapolis 500 in 2000 and 2001 — and claimed the disco-ball trophy on Dancing with the Stars on TV in 2007 — has been indicted on federal charges of conspiracy and tax evasion over millions allegedly hidden in offshore accounts. Thirty-three-year-old Brazilian racing driver Castroneves is charged with failing to report some $5.5 million in income between 1999 and 2004. The indictment includes six counts of tax evasion and one count of conspiracy and could give him a maximum five years in jail on each count.Castroneves' sister, who is also his business manager, was also indicted, along with the driver's attorney, Alan R. Miller of Birmingham, Michigan.The indictment, handed down by a grand jury on Thursday, alleges the three conspired to divert $5 million in income received from Penske Racing and some $600,000 from Coimex International, both for promotional use of his name and image. They allegedly set up a shell company called Seven Promotions, based in Panama, as well as the Fintage Licensing company in the Netherlands and a bank account in Switzerland, to avoid paying taxes on the money, the Associated Press and ESPN are reporting today. Neither Penske nor Coimex is charged with any offenses related to the case.All three appeared in court today, and Castroneves' attorney for the case, Michael Tein, said the driver is '1,000 percent innocent' and called the case 'pure harassment by the government,' the AP reported.What this means to you: If true, another sad morality tale of the fallout from greed. — Laura Sky Brown, Correspondent