Former IMSA Owner about to do hard time

[URY914]

Michael Cone who bought IMSA from founder John Bishop and was also the Sebring promoter is in deep $hit. Cone's father started the family paving company and was very well known and respected in Tampa.

The 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

[tchanson]

"Hiding assets"?

In IMSA terms, that makes him a piker compared to John Paul Sr., or even an average Whittington brother.








Tim