The father of former Camping World Truck Series driver Justin Boston is part of an indictment that includes charges of fraud totaling at least $25 million, some of which funded his racing career.
In an April 18 indictment unsealed Friday, Robert Boston and Robert LaBarge were indicted on four counts of fraud and one count of money-laundering conspiracy by the Western District of North Carolina.
The duo appeared Friday in U.S. District Court in Charlotte where they pleaded not guilty. Boston was released on his $25,000 bond, according to ESPN.
Boston and LaBarge were indicted with one count of conspiracy to commit wire and bank fraud; one count of wire fraud; one count of securities fraud; one count of bank fraud; and one count of money-laundering conspiracy. LaBarge was also charged with one count of false writing in connection with a FBI investigation
If convicted on all charges, the combined maximum prison sentence for Boston, 53, totals 60 years.
“Mr. Boston has asserted his innocence to all of charges by entry of his not guilty plea,” Boston’s attorney Kevin Tate said in a statement to ESPN. “He has no comment pending the resolution of this matter.”
Justin Boston competed for Kyle Busch Motorsports in nine Truck races to begin the 2015 season. In two of those races, his primary sponsor was Zloop, his father’s electronics recycling company.
KBM eventually released Boston and sued him and Zloop for missed payments totaling $650,000.
That lawsuit is pending due to Zloop’s bankruptcy proceedings, according to ESPN.
The unsealed indictment details the allegations against Boston and LaBarge, alleging they “defrauded franchisees, investors, and lenders of their company, Zloop. The indictment alleges that, through their fraud, the defendants obtained millions of dollars, much of which was spent on expensive personal real estate, a private plane, and the racing career of Boston’s son.”
The indictment also alleges the duo used a fraudulent line of credit with Patriot Bank to spend “hundreds of thousands of dollars” on “a private plane, a new Corvette, and a new Grand Cherokee. After Zloop subsequently drew an additional $1.3 million from the credit card line, the indictment alleges that more than $500,000 was spent on racing-related expenditures and approximately $79,808 on a suite at a professional football stadium.”