Michigan mechanic gets prison over sale of Ferrari engine

Reuters News
|
Posted: Oct 29, 2015 6:12 PM

DETROIT (Reuters) - A Michigan man who specialized in repairing exotic foreign cars and high-end luxury vehicles, was sentenced on Thursday to two years in prison after he evaded paying taxes on the $610,000 sale of a rare Ferrari engine, prosecutors said.

Terry Myr, 71, who was convicted in April of attempted tax evasion and four counts of failure to file tax returns, was also given two years supervised release and ordered to pay $738,904 in back taxes, interest and penalties by U.S. District Judge Nancy Edmunds.

Myr, a self-employed mechanic, already owed about $195,000 in taxes and penalties run up from 2000 to 2003 when he told the buyer of a rare Lampredi Ferrari engine in 2009 to wire transfer the $610,000 into a corporate bank account he had created the week before, according to court documents and prosecutors.

The resident of Smiths Creek, Michigan, near the Canadian border, withdrew most of the cash, buying more than $360,000 in gold and silver coins, writing some checks to cash and shifting the money to another account or corporate entity, according to court documents and prosecutors.

Court documents did not explain how the government discovered the engine sale.

(Reporting by Ben Klayman; Editing by Sandra Maler)