Former Gizmondo executive officer Stefan Eriksson has been arrested on grand theft charges and is being held
without bail. Authorities allege that Eriksson doesn't own the Ferrari that was totaled
and two other exotic cars, including the Mercedes that was confiscated last month
and a second Ferrari that has also been seized. Eriksson has been charged
for failing to make payments on the three vehicles, worth a combined $3.5 million, which were imported from the UK.
Immigration authorities are also investigating Eriksson's visa status.
In addition, Eriksson could face
additional charges related to the February crash. While Eriksson maintains he was not the driver, authorities continue
to investigate the incident since evidence points to Eriksson driving the vehicle while intoxicated. Eriksson is also
being investigated for fraud, as it appears he purchased the exotic cars in question as part of a failed business
venture. British banks claim that Eriksson purchased the cars by using loans. He made a minimum first payment,
promising to resell the cars at a higher price and pay back the loans. According to the banks, Eriksson has not made
any additional payments.
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