Orange County Lamborghini owner pleads guilty to wire fraud
The money had been lent to the dealership to purchase new Lamborghinis that were to be sold to paying customers, after which the loans would be repaid. As it turns out, the cars were in fact sold at rock bottom prices, but Keuylian used the money to payback other debts instead, including loans for the creation of a Lotus dealership.
Of the $12,560,314 that Keuylian had borrowed to purchase the vehicles, only $8,163,275 was collected from their sales. Keuylian faces a maximum sentence of 30 years in jail. Thanks for the tip, Jim!
[Source: LA Times]
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