Stefan Eriksson, the former executive officer of the now bankrupt Gizmondo Europe, who resigned from the company after it emerged that he was convicted of financial fraud in the mid-90s, was involved in a high speed car crash which totalled a $1 million Ferrari Enzo. Police in the Los Angeles district of Malibu said in a statement that the car was owned by Mr. Eriksson, but that he was not driving.

According to the former exec. a German man called Dietrich--who fled the scene--was driving the car. That's convenient considering that Mr. Eriksson's blood-alcohol level was above the legal limit. The car, which was travelling at around 192km/h, mounted an embankment, became airborne and was sheared in two on collision with a pole. Apparently the car was taking part in a street race with a Mercedes SLR, a $677,500 car.

So when Mr. Eriksson claimed to have left Gizmondo to "pursue new entrepreneurial ventures", he meant to say that he'd be throwing away a third of the $3 million in salary and bonuses he earned from his time at Gizmondo by getting involved in the writing off of his one million dollar car. Stefan Eriksson, with his mobster past and reckless attitude to his own life and others, is the sort of person the video games industry (or any industry for that matter) doesn't need.

Note: the picture above is not the actual Enzo. Check out Carguy's comment to view pics from the real wreck.

[Thanks, Jazz]