Infamous Ferrari f50 thief back in the news

There's a movie in here somewhere....

 

http://www.palmbeachdailynews.com/news/new...erved-ti/nsWPx/

There's a movie in here somewhere....

 

http://www.palmbeachdailynews.com/news/new...erved-ti/nsWPx/

 

Are we sure Mel Gibson didn't just change his name?

 

Dude is a effing idiot..... How do you sell a stolen F50? Also a FBI wrecked it too. Sad

 

I dont see Mel Gibson at all in the photo

Dude is a effing idiot..... How do you sell a stolen F50? Also a FBI wrecked it too. Sad

 

I dont see Mel Gibson at all in the photo

 

 

If I am correct, this happened way back in 2005 or something. Rumor has it that the car was put on a boat and shipped over to Russia (or attempted to be). The incident I heard about occurred during a test drive. I think it's hilarious the FBI wrecked it. You know that agent was having fun, lol.

From the owner on Ferrarichat dated 2/25/2011

 

Back in 2003, I attended a party thrown by my wife's colleagues from her residency training program (she's a radiologist). During that party, one of her colleagues introduced me to her husband, an airline pilot, and we quickly hit it off due to a mutual passion for cars. I asked him what he had and he mentioned a testarossa and an F50. Needless to say, this got my attention and I thought maybe I misheard, and asked again to which he replied "yeah, its parked outside, you want to see it ?"

 

So, about 10 minutes after meeting this fellow, I am out riding in his F50 thinking this is wonderful ! The car was plated in KY, current tags, and of course being driven openly. I asked him where he obtained it and he told me it was from an old guy out west who tracked it and he bought it from him "at a good price" since he was getting old.

 

Over the subsequent years, I saw the F50 out and about, met the owner and his wife several times at local concours and shows, and jokingly asked them for first right of refusal should he ever decide to sell it. Fast forward to 2008, and the couple was in the middle of a divorce. The owner comes to me and says he might have an interest in selling the car if I was interested. Well, of course I was !

 

A deal was struck, monies and title exchanged (title was clear and current, clean carfax...I know, worthless ! and the car needed a major and fuel tank so I negotiated a price that took into account at least 30-50k worth of anticipated work.) Admittedly, I did not do enough due diligence at this point. The car was being driven openly, current plates, and it was with someone who "I knew". I could never have dreamed the saga about to unfold.

 

Several weeks later, I contacted Ferrari Spa via their website with the cars details in order to register myself as the new owner as I had done with the other ferraris. I knew something was up when they asked me to fax a copy of the title to them. I found the engine number on the car and sent them a photo...and to my utter dismay, they confirmed that this was the engine number on the car stolen from Algar Ferrari.

 

I cannot tell you how that moment felt...utter disbelief, shock...a knee bending moment that left me stunned. I knew I had let my guard down and done a deal in a way that I never had before...and it stood to cost me several hundred thousand dollars. I contacted the local police and FBI, and they arrived the next day. I showed them the material gathered in the conversation with Ferrari Spa and Ferrari NA, and they obviously knew what they were looking at. The car was taken after that meeting and it was a sinking feeling to see it being driven away on a flatbed.

 

I later found out how he obtained a clear title and license plate. Well, he had a friend in the nicholasville KY DMV. He was advised to write a letter to the state capitol (I was shown this letter by the FBI). It said that this car was imported to be sold and that the original buyer never took possession. The MSO was lost, and the writer was asking the DMV in Frankfort to issue a title...sworn affidavit etc...and THATS ALL IT TOOK ! I was shocked at how easy in was to be honest. He obviously had helped duplicating the VIN plate, and the result was a legally titled and clear plate that he renewed each year. Oh, and the stated value on the original title paperwork was $22,500

 

Now, after collecting myself, I had the task of getting my money back. How you may ask ? Well, it turns out that a criminal's greed for money is only exceeded by the desire to remain out of jail and free. I calmly called the seller on a sunday night and proceeded to explain that there was an "irregularity with the VIN and engine number" and that I needed to reverse the deal. The first words out of his mouth were "Do the police know, we can reverse this deal tomorrow" At that point I knew my only chance of getting the money back was to tap into his desire to get the car back and get rid of it. The next day, 80% of the purchase price was wired back into my account. I told him the car was not at my residence (did not want a criminal trying to reclaim it in the middle of the night)....and technically it wasn't

 

The next two weeks, I methodically called and waited for increments of the remaining 20% to come in. In the meantime, police had discovered that the other two Ferraris in his possession were also stolen. Luckily for me, as the investigation continued they did not move in to arrest him and that gave me some time. I have to say the Lexington PD and the FBI were brilliant to work with, absolutely first class and clearly understanding that we had been duped by supposed "friends". They were elated when the first wire hit and subsequent wires arrived for the full amount. They sent Algar Ferrari a picture of this guy, and the salesman that fateful day it was heisted confirmed it was person. He had presented impeccable ID and a credit check revealed stellar credit. That to me is unbelievable...I could never have imagined this fellow being capable of that...something so brazen...I just didn't see it in him. But I suppose the desire to be something you are not just overwhelmed him. The other cars were identified as stolen from Long Island (testarossa and 328 GTS). I had seen all three cars at a hangar in Lexington Airport where he stored them...in retrospect one of the safest places to stash something stolen since it is so secure.

 

Anyway, shortly after I received the last wire, the police moved in and arrested him. He was convicted in Federal Court in Lexington for grand theft and I believe served 2 yrs before release and has several years of probation ahead. He made a full confession and this was likely a factor in what I consider a fairly weak sentence.

 

The sad part of this is what happened to the F50 in FBI hands. The car was being shifted from one location to another and the roads were greasy from a light rainfall. Where the accident happened is a small industrial road but it is at a crest. I think it came over the crest a little hot and the back end got wiggly on the wet surface. He went over a curb, took out the rear wheel and suspension and planted the side of the car firmly around a tree. Unfortunately, this caused terminal damage to the tub. Its sad, because I was in discussions with Algar and the insurance company to buy it back. The terms of Algars insurance policy gave them first right of refusal to buy it back. Once the car had crashed, they sent technicians over to take a look at it...their inspection lasted 5 mins at which point they declared it a total loss.

 

The latest in this saga is the now publicized dispute between the insurance co and the government/FBI. Sadly, the car sits gathering dust in a warehouse somewhere...a pitiful end to an infamous car that was much loved in its short stay with us. Someday, maybe I'll pursue another F50....but I have to say this whole episode has dampened my zeal for them a bit

 

 

Thread:

http://www.ferrarichat.com/forum/288gto-f4...-f50-algar.html

 

LOL.. the dude looks shady from the outset. Story is just insane but life is truly stranger than fiction.

isn't the guy who bought the f50 the same guy who currently has that xj220? The name sounds familiar

isn't the guy who bought the f50 the same guy who currently has that xj220? The name sounds familiar

 

Yeah, that's RufMD on most of the forums. He has the orange XJ220S

honestly, im in shock that the money was 100% returned.

 

just thik about it, if you were a criminal that just got rid of a car and received hundred of thousands for it.........would you want to "reverse the deal" ?id be long gone by then

If I remember correctly, he told the guy some things seemed off about the car, and he was having trouble with the VIN, and basically told him to refund it and he wouldn't dig in deeper and just wash it all away. All while the FBI was waiting for him to give the go.

Yeah, that's RufMD on most of the forums. He has the orange XJ220S

 

Was it this F50 belonging to JD I believe who now lives in Nashville?

Was it this F50 belonging to JD I believe who now lives in Nashville?

 

I thought he sold the F50?

 

He has/had an insane collection (as seen in the pic). The silver Viper is a surprise though.

I thought he sold the F50?

 

He has/had an insane collection (as seen in the pic). The silver Viper is a surprise though.

 

 

That pic was taken back in Lexington. The silver Viper belonged to a Class III dealer friend.

 

I believe at that time he had:

 

F40

F50

360CS

CGT

GT3 RS

 

Insane is right!

Was it this F50 belonging to JD I believe who now lives in Nashville?

 

 

That's also his old house I believe, I'm pretty sure he had moved, that photo is pretty dated.

That's also his old house I believe, I'm pretty sure he had moved, that photo is pretty dated.

 

 

Yes, that pic is well over 5 years old I know. It was taken in Lexington, Ky. Was just curious if it was the same F50. We haven't had "a lot" of those around here

That was the car. And yeah his current collection is a Ruf CTR2, GT3RS 4.0, Carrera GT, XJ220S, and maybe still the F40....-