BOSTON (AP) — The former chief financial officer of the organization that tried to bring an IndyCar race to Boston has pleaded guilty to multiple fraud and tax evasion charges connected to the race and other business interests, and for improperly receiving almost $700,000 in pandemic relief loans.
John F. Casey, 57, of Ipswich, pleaded guilty to 23 charges on Thursday, including identity theft, money laundering and filing false tax returns, federal prosecutors in Boston said.
Casey became the CFO of the Boston Grand Prix in January 2015. He was paid more than $300,000 in 2015 and more than $600,000 in 2016, but failed to include the income on his personal tax returns, prosecutors said.
He also falsified documents to obtain more than $743,000 in funds from equipment financing companies, purportedly for the purchase of equipment for a Peabody ice rink he owned, prosecutors said.
Between April 2020 and April 2021, about $675,000 in fraudulently obtained COVID-19 relief funds were deposited into bank accounts controlled by Casey, much of which he spent on personal expenses, including a diamond ring, membership to an online dating site, private school tuition, car payments and stays at luxury hotel, prosecutors say.
Sentencing is scheduled for Feb. 15.