According to a report from the Courier-Journal of Lousivlle, Ky., former NASCAR Camping World Truck Series and ARCA Racing Series driver Brian Rose has been indicted for allegedly running a $15 million Ponzi scheme. His father, David G. Rose, recently served time for a similar crime.
Rose was arrested in Tennessee on June 17 and was among nine indicted on charges of fraud and money laundering. He allegedly then spent the money on thoroughbred racehorses, race cars and gambling debts.
According to the indictment Rose operated the Ponzi scheme under the name of John Hankins and took money from investors by setting up a fake company called New Century Coal.
According to the Courier-Journal article, prosecutors claim that Rose began his scheme under the name Earth Energy Exploration in Lousiville and Souther Indiana in 2011 but then moved to Johnson City, Ten., and renamed the “company” New Century Coal after investigations began in Kentucky and Indiana. The current federal investigation began as a result of a Charlotte, N.C., victim coming forward, according to a report from Charlotte’s WSOC-TV. According to accusations, the Charlotte victim is one of more than 160 victims of Rose’s alleged scheme.
Rose competed in the NASCAR Camping World Truck Series in the early 2000s, but was indefinitely suspended from competition in 2003 for violation of NASCAR’s substance abuse policy. He was reinstated and competed in three races in 2010.
In all, Rose competed in 41 Truck Series races, posting one top-five finish in 2002, and five top-10s, also all coming in 2002.
“Brian Rose would use investors’ money to actually support his own NASCAR racing team,” Secret Service Agent Glen Kessler told WSOC.
Rose has a total of three-career starts in the ARCA Series, two in 2011, and one earlier this year. He posted a career-best finish of seventh at Talladega (Ala.) Superspeedway in 2011.