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Luxury Car Mechanic Facing Tax Fraud Charges

Terry Myr is a mechanic specializing in the repair of exotic foreign cars and high-end luxury vehicles. He was recently arrested on the grounds that he hasn’t filed his taxes in years. Now he owes the federal government a substantial sum of money.

According to the Justice Department, Myr, who is a resident of Smith’s Creek, was indicted by a grand jury in Detroit and subsequently charged with tax evasion. He was also charged with failure to file tax returns for 2000 through 2003.

The indictment says that the Internal Revenue Service (IRS) has examined Myr and his income, and have determined that he owes approximately $195,000 in back taxes, interest and penalties

He used nominee companies to conceal his assets and income

Also explained in the indictment is the fact that Myr, in order to keep the IRS from collecting any money, used nominee companies to conceal his assets and income from the government. A nominee company is essentially a separate company formed by a financial institution which operates an account in a custodial manner, containing financial assets on behalf of the owner.

In addition, Myr used cash in order to avoid leaving a financial trail. He also transferred property that he owned to a third party in order to disguise the true nature of his wealth.

The case against Myr was investigated by special agents from the Criminal Investigation division of the IRS. This division focuses on investigating financial crimes, tax fraud and tax evasion.

The case is being prosecuted by Tiwana Wright and Kenneth Vert, both of whom are trial attorneys working for the Justice Department’s Tax Division. If convicted, Myr is facing a sentence of up to nine years in prison, and a possible $650,000 fine.

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