Breaking News: Castroneves indicted for tax evasion

Late this afternoon the disturbing reports hit the newswires that Penske Racing driver Helio Castroneves, his sister Katiucia Castroneves, and attorney Alan Miller have been charged with conspiracy and several counts of tax evasion.

The popular Brazilian driver and "Dancing with the Stars" champion, along with his alleged co-conspirators have been charged with failing to report millions of dollars in revenue, going so far as to disperse and hide the monies via multiple companies, schemes and non-U.S. bank accounts.

While those named in the indictment are certainly presumed innocent until proven guilty, the 22-page indictment filed by the Southern District of Florida is filed with page after page of very damning allegations. (An indictment is a formal accusation of criminal conduct, not evidence)

According to a news release from the Department of Justice, if convicted, the Castroneves siblings along with Miller could each face a maximum penalty of five years in prison for the conspiracy charge and five years on each count of tax evasion.

"Taxpayers, small and large, famous and not famous, should be aware of the enormously severe consequences they face if they fraudulently use offshore accounts to hide income, including potentially going to prison, paying back all their taxes plus interest and penalties, and being branded a felon for the rest of their lives," said Nathan J. Hochman, Assistant Attorney General of the Justice Department's Tax Division.

Despite the accusations, Castroneves' attorney, Mark Seiden, insists his client has done nothing wrong.

"Helio relied on the advice of competent professionals, accountants and tax lawyers, in preparing his returns. He followed their advice in good faith," Seiden said. "We believe that once the facts are presented to a jury he will be exonerated."

While no official statements have been made by the Indy Racing League, Terry Angstadt, Indy Racing League president told the IndyStar.com's Curt Cavin that the league was caught off guard by the news.

Bud Denker, executive vice president of Penske Racing told the Indy Star. “We knew about it, obviously, in advance. As a result of that, we will get (the indictment), review it and move forward.”

There has been no statement as of this posting from Castroneves, who is scheduled to participate in this weekends Petit Le Mans.

Besides being disappointing to say the least, the fallout from these allegations will most certainly have negative ramifications for both Team Penske and the Indy Racing League in the weeks and months to come.

OpenWheelWorld.net will continue to follow this developing story and bring you updates as they become available.

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