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ABINGDON, Va. (AP) -- A co-founder of Morgan-McClure Motorsports has agreed to plead guilty to tax fraud charges.

Assistant U.S. Attorney Randy Ramseyer said Wednesday that in exchange for Larry McClure's pleas, prosecutors will dismiss fraud charges related to the painting of show-car trailers.

But he says McClure has agreed to make restitution of nearly $60,000 related to those charges.

A hearing is scheduled Jan. 15 in U.S. District Court to receive the pleas.

Ramseyer says McClure will plead guilty to three counts of filing false tax returns and two counts of obstructing the investigation.

McClure faces a maximum of 15 years in prison and a $250,000 fine on each count.

A call to McClure's attorney, Wayne Austin, was not immediately returned.

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