Update

'Weeping' Helio Castroneves Pleads Not Guilty To Tax Fraud

UPDATED 10/03/2008 at 04:45 PM EDT Originally published 10/03/2008 at 03:45 PM EDT

'Weeping' Helio Castroneves Pleads Not Guilty To Tax Fraud
Helio Castroneves
Jill Johnson/JPI
Handcuffed and weeping, Helio Castroneves pleaded not guilty in a Miami court Friday to charges that he evaded U.S. taxes on more than $5 million in income.

Appearing in court bound in leg chains, the two-time Indianapolis 500 winner and Dancing with the Stars champ was ordered released on $10 million bail. Of that amount, $8 million is security from one of the race car driver's personal accounts in the Netherlands.

"He surrendered his passport and has permission to travel to Atlanta for his race Saturday and anywhere in the U.S. for business," Mark Seiden told PEOPLE. Court restrictions prohibit him from traveling out the U.S., which will likely stop him from racing in Australia later this month, the lawyer added.

The Brazilian professional race car driver, 33, was indicted by a federal grand jury Thursday for allegedly siphoning the millions to a Panamanian shell company from 1999 to 2004.

Earlier Friday, his attorney, Mark Seiden, told PEOPLE that Castroneves is innocent.

Lawyer: Why Criminal Charges?

Another attorney for Castroneves, David Garvin, expressed a desire to resolve the tax question without criminal charges.

"Helio has always done the appropriate thing and hired accountants and attorneys he relied upon," Garvin told The Miami Herald. "We are of the strong belief that he did not do anything wrong. We're looking forward to going to court."

If convicted of all charges, Castroneves faces a maximum penalty of 35 years in prison.

No date has been set for the next hearing in the case.

His sister Katiucia (Kati) Castroneves, who is also his business manager, and his attorney, Alan Miller, were also indicted on Thursday.

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