Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Rolex Series driver behind Ponzi scheme that bilked fellow drivers out of $5.4M?]]>http://www.autoblog.com/2009/07/27/rolex-series-driver-behind-ponzi-scheme-that-bilked-fellow-drive/http://www.autoblog.com/2009/07/27/rolex-series-driver-behind-ponzi-scheme-that-bilked-fellow-drive/http://www.autoblog.com/2009/07/27/rolex-series-driver-behind-ponzi-scheme-that-bilked-fellow-drive/#commentsFiled under: , ,



Henri Zogaib (pictured, right) raced for and helped support the Samax Motorsport team that raced in the Rolex Series. The support came in the form of cash and good living that supposedly came from investing in iron ore, but apparently the monies actually came from a Ponzi scheme. And as the Orlando Sentinel tells it, the fraud has unravelled, leaving fellow Series drivers like Ryan Dalziel (pictured left), J. C. France, and Eddy Hennessy among those out hundreds of thousands of dollars.

Zogaib's lure was the 38.4% return-on-investment he promised because he had a special relationship with someone at ArcelorMittal, the largest steel company in the world. His accomplice in the scheme was Paul Bellanca, a Krispy Kreme franchise owner in Florida. But after taking more than $5.4 million from investors - including $800,000 from the owner of the Samax team, Peter Baron - the authorities finally caught up and shut Zograib down.

It's easy to say these people should have known better, or at least done their homework, but Ponzi schemes still work because some people actually do make huge returns based on connections and associates. Although no arrests have been made, the Florida Department of Law Enforcement has served warrants and seized Zograib's accounts while it tries to unravel what happened. That's little consolation to drivers like Dalziel, who lost nearly half a million dollars, or Peter Baron, whose team had to shut down last year after Zograib missed payments.

[Source: Orlando Sentinel | Image: Brian Cleary/Samax Motorsport]

Rolex Series driver behind Ponzi scheme that bilked fellow drivers out of $5.4M? originally appeared on Autoblog on Mon, 27 Jul 2009 09:01:00 EST. Please see our terms for use of feeds.

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In South Korea, economics trumps justice. Chung Mong-koo, the head of Hyundai who recently received a suspended sentence for embezzling and bribes has -- along with 341,000 other businessmen, bureaucrats, and politicians -- been given a full pardon.

President Lee Myung-bak, who said he was "personally against" the decision, decided to issue the pardons anyway. Mong-koo wasn't even in jail, but apparently the convicted and jailed businessmen were "having problems doing business overseas." Go figure.

So on Liberation Day, in hopes that "businessmen would take the lead in reviving the economy by creating jobs through active investment and exploring markets abroad," the bad guys got gifts even better than walking papers. In South Korea, crime does pay... if you have good business sense.

[Source: Reuters]

Hyundai boss receives pardon from South Korean president originally appeared on Autoblog on Tue, 12 Aug 2008 19:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>chung mong koochung mong-koochungmong-kooChungMongKoocrimecrimescriminalcriminalshyundaikoreasouth koreaSouthKoreaTue, 12 Aug 2008 19:34:00 EST<![CDATA[Stolen car vandalized, thief complains to cops]]>http://www.autoblog.com/2008/04/04/stolen-car-vandalized-thief-complains-to-cops/http://www.autoblog.com/2008/04/04/stolen-car-vandalized-thief-complains-to-cops/http://www.autoblog.com/2008/04/04/stolen-car-vandalized-thief-complains-to-cops/#commentsFiled under: , ,

In yet another indication that thieves may boast more skill and luck than overall intelligence, a 22-year-old Somers, Connecticut, resident in possession of a stolen Cadillac STS complained to authorities that someone had broken the window on "his" car. Of course, it took the police just a few minutes to determine that there were some serious holes in the thief's story, and maybe more than a small bit of air inside the young man's head.

Although the self-proclaimed "victim" was in possession of the Caddy's keys, there was no supporting documentation proving ownership, or that he was in the process of purchasing the vehicle from an Avis rental agency, as he claimed. In fact, just how the shady character expected to make those payments on a $50,000 car was in question -- his "employment" was all arranged through a local temp agency. Long story short, the rental agency just so happened to be missing one Cadillac STS, and it didn't take them long to press charges.

Instead of sitting behind the wheel of America's finest luxury marque, the vandal finds himself sitting in jail today, unable to post bail of just $3,500... it may be time to call the agency for another temp position. Thanks for the tip, Keith!

[Source: Courant]

Stolen car vandalized, thief complains to cops originally appeared on Autoblog on Fri, 04 Apr 2008 08:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>CaddycadillacCadillac STcadillac stsCadillacStCadillacStsCriminaldumb criminalDumbCriminalJailStolenThiefFri, 04 Apr 2008 08:29:00 EST<![CDATA[Mazda3 may be vulnerable to break-ins]]>http://www.autoblog.com/2007/01/19/mazda3-may-be-vulnerable-to-break-ins/http://www.autoblog.com/2007/01/19/mazda3-may-be-vulnerable-to-break-ins/http://www.autoblog.com/2007/01/19/mazda3-may-be-vulnerable-to-break-ins/#commentsFiled under: , , , , ,



We debated on posting this because we always seem to get nailed in the comments for advertising a new way to break the law, but we feel it's important information for Mazda3 owners and we're encouraged by Mazda's reaction to the situation so far. First the deets: it appears that a few owners of the Mazda3 have come back to their vehicles to find their valuables missing but no visible signs of breaking and entering like shattered glass or broken locks. The only clue left by thieves is a big dent in the front passenger door. Canadian website MobileMag.com got the skinny from an anonymous Mazda dealer that if one hits the passenger door hard in just the right spot it will affect the lock assembly mechanism and unlock the doors. Mystery solved.

Mazda has been aware of and working on this issue since October of 2006, and this month it began installing a "countermeasure" in all Mazda3s being built in Japan. For those who have already had their cars broken into, in some cases Mazda has agreed to install a reinforced door lock assembly and a protective plate to prevent the same break-in from happening again, though it has not offered to repair the dents. At this point, Mazda does not consider this "trick" a defect in the product and it hasn't decided whether or not all Mazda3s will be called back to have the countermeasure installed.

We think they should be voluntary called back and have the countermeasures installed. While a thief will get into your vehicle one way or another if he wants to, being able to do it without smashing glass or looking terribly suspicious makes the Mazda3 a much more tempting target. Still, no one should leave valuables out in the open and give criminals a reason to target your vehicle.

Thanks for the tip, Rich!

[Source: MobileMag.com]

Mazda3 may be vulnerable to break-ins originally appeared on Autoblog on Fri, 19 Jan 2007 17:32:00 EST. Please see our terms for use of feeds.

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Being described by his court-appointed attorney as a "likeable idiot" is the least of Jamie Manderson's problems. The U.K. citizen is being identified as the most convicted motorist in the country's history, with almost 200 criminal offenses under his belt since the age of 15. The majority of his crimes took place while Manderson was behind the wheel, causing his license to be suspended 48 times over the last 18 years.

Between a heroin problem, numerous vehicle thefts and what's being described as "car addiction," Mr. Manderson recently admitted to driving on a suspended license and lacking car insurance, leading the judge to threaten him with jail time, but instead imposing a two-year restriction on driving.

Could this happen in the good ol' U.S. of A.? Sound off in comments.

[Source: BBC News]

48th time's the charm: U.K. driver narrowly escapes prison originally appeared on Autoblog on Thu, 27 Jul 2006 13:01:00 EST. Please see our terms for use of feeds.

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It's one thing when thieves outside a 7-11 nab your winter beater. It's another whole thing when low lifes hijack your $450,000 vintage 1937 Ford convertible show car along with the 1999 Ford F350 and trailer in which it was being transported. This one-of-a-kind vehicle nicknamed "Chocolate Thunder" and built by Rad Rides By Troy for a private owner and was being transported to an auto show in Quebec City earlier this month when it, the truck and trailer were stolen from a hotel parking lot.

The shop has put up a $5,000 reward for anyone able to provide info that leads to the return of the vehicle. Everyone is hoping the vehicle is returned in one piece, though Brian Ferguson of Rad Rides fears the car attracts so much attention that the criminals may destroy it to avoid detection.

[Source: Inside Line; Oilstick]

$450K show car gets Grand Theft Auto treatment: $5K reward for return originally appeared on Autoblog on Thu, 20 Apr 2006 17:11:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>1937 Ford Convertible1937FordConvertibleChocolate ThunderChocolateThundercrimecriminalgrand theft autoGrandTheftAutotheftthieverythievesThu, 20 Apr 2006 17:11:00 EST