Vik Keuylian, the man behind the defunct Lamborghini Orange County dealership, has reportedly agreed to plead guilty to one count of wire fraud after being sued by Volkswagen (owners of the iconic Italian supercar maker) last year for allegedly defrauding the German automaker for over $12 million.
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]
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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