The Trial Begins...........
Trial of Swede who totaled $1 mln Ferrari begins By Kemp Powers
Mon Oct 23, 6:52 PM ET
LOS ANGELES (Reuters) - A Swedish former videogame executive who set off an international investigation by destroying a rare Ferrari in Malibu was "living it up" with $4 million in stolen sports cars, a Los Angeles prosecutor said as his trial for car theft and embezzlement opened on Monday.
But lawyers for Bo Stefan Eriksson, a 44-year-old former executive with the now-bankrupt videogame company Gizmondo Europe, said during opening statements that while Eriksson was late on his payments on the three cars, he did not steal them.
Eriksson was speeding along the Pacific Coast Highway through Malibu in February at 160 mph (257 kph) when he smashed a $1 million Enzo Ferrari into a power pole, slicing the car in half. The crash exposed a high flying life of big spending, million-dollar homes, fast cars and burned out businesses.
The Swedish national, who declared bankruptcy with more than $200 million in debt a month before the crash, pleaded no contest last week to driving under the influence of alcohol. He faces a separate trial on gun charges.
Los Angeles County Deputy District Attorney Tamara Hall said during her opening statement the crashed Ferrari, along with another Enzo and a Mercedes-Benz McLaren SLR, worth a total of nearly $4 million, were reported stolen by British banks because payments on a lease had stopped in late 2005.
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Originally Posted by Halfwit
