Former IMSA Owner about to do hard time | FerrariChat
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Former IMSA Owner about to do hard time

Discussion in 'Other Racing' started by URY914, May 2, 2008.

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  1. URY914

    URY914 Formula Junior

    Feb 17, 2004
    608
    Temple Terrace FL
    Full Name:
    Paul
    #1 URY914, May 2, 2008
    Former IMSA owner Micheal Cone has been sentanced to some time in the big house. Cone bought IMSA from founder John Bishop and was also the promoter of Sebring for a few years. Cone's father started the business years ago and was very well known and respected. His son...not so much.

    TAMPA -- Once-prominent Tampa road builder Michael Cone received a maximum 15-year federal prison sentence today after pleading guilty to hiding assets during his company's bankruptcy proceedings.

    Cone, 51, former president of Cone Constructors, is already serving a five-year state prison sentence after a jury convicted him in February of an organized scheme to defraud the Florida Department of Transportation. U.S. District Judge Susan C. Bucklew ordered that Cone serve his federal sentence after he completes his state prison time, potentially keeping him behind bars for the next 20 years.

    He must also pay more than $1.77-million in restitution and forfeit his family's home.

    The entire story:

    http://blogs.tampabay.com/breakingnews/2008/05/tampa-road-buil.html
     
  2. RP

    RP F1 World Champ

    Feb 9, 2005
    17,667
    Bocahuahua, Florxico
    Full Name:
    Tone Def
    #2 RP, May 2, 2008
    IMSA has had its colorful share of convicts, the Whittington's, John Paul Sr (no relation), and a few others I will not mention.
     
  3. yzee

    yzee F1 Veteran
    Silver Subscribed

    Apr 16, 2005
    9,127
    Bodegata
    Full Name:
    Michael
    #3 yzee, May 2, 2008
    The mid 80's. Buying cars with stacks of hundreds. Paying IMSA entry fees with hundreds.
     
  4. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,379
    Houston, Texas
    Full Name:
    Bubba
    #4 BigTex, May 2, 2008
    There's a couple of places, you just don't play games with the money...

    Public Works projects is one....

    Federal Bankruptcy Court is another...

    Sounds like another "Smartest guy in the room" just learned he was not....:rolleyes: sorry to hear, on behalf of his wife and kids though....
     
  5. jk0001

    jk0001 F1 Veteran

    Oct 18, 2005
    6,706
    Sun Coast
    Full Name:
    Jim
    #5 jk0001, May 2, 2008
    At least he tried to spend it in the right place
     

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