According to Washington County Director of Schools Grant Rowland, the students were suspended after an investigation by the school system into the incident.
During race weekend, Crockett baseball players worked at an Arby's concession at the speedway to raise money for their season.
"At the race, the vendor the students worked for came up short," Rowland said.
"It was a fairly large operation. In all, 12 have been suspended for their involvement. We're still looking into the situation, but all the money that was taken has been returned."
Despite what happened, Rowland said there weren't any hard feelings on the part of the vendor.
"He indicated that he would still have the team back next year to work the race," Rowland said, indicating that Crockett has sent students to work different areas of the race for the past three years.
"The money will go back to the school to help the team with baseball camp, I believe."