Gene Haas released from prison

Subject: Gene Haas released from prison Mon May 11, 2009 3:49 pm

Quote :: Stewart-Haas Racing co-owner Gene Haas was released from prison Friday after serving about 16 months for tax fraud and has received permission from a U.S. District Court judge to attend NASCAR races while on supervised release.

Haas’ projected release was Sunday, but the federal Bureau of Prisons’ Web site indicated that Haas was released Friday.

Haas was sentenced to two years in prison in November 2007 and entered a Lompoc, Calif., federal correctional facility Jan. 14, 2008.

He has asked the court, and received permission, to attend NASCAR races while on supervised release. The first race mentioned in the motion is the upcoming Sprint All-Star Race at Lowe’s Motor Speedway.

According to the U.S. government and court records, Haas created a scheme to avoid payment of more than $34 million in taxes in 2000 and 2001. With fines and interest, he eventually paid more than $70 million to resolve his tax issues in addition to the prison term. Haas’ attorneys stated that Haas relied on the wrong people for financial and accounting advice in making mistakes on his company’s tax returns.

Haas’ race team, Haas CNC Racing, eventually became Stewart-Haas Racing when driver Tony Stewart was given a 50 percent interest in the team. Stewart-Haas Racing is in its first season, with Stewart second in the Sprint Cup standings and Ryan Newman in eighth.

~Scene Daily~