Remember the stolen F50 from Algar?

miami420 · Feb 28, 2011

RufMD said: ↑

737's, a pilot for Jet Blue. (always had pilot uniform on making the drive the cinci for a short hop to NYC. Apparently flew a NYC to Florida route regularly....
Click to expand...

Hi, not to nitpick but jetBlue's fleet is comprised of Airbus A320s and Embraer 190s.

sorry, a close family member works for jetBlue I had to correct it. that being said i hope he was flying 737s.

Challenge64 · Feb 28, 2011

HolyRoller said: ↑

Two lawyers team up in 2004 and start advertising their ability to eliminate credit card debt, and use their nationwide network of con artists to convince 2,219 desperate drowning-in-debt families to give them thousands of dollars each, usually the last few thousand that these people had to their names. In return, the victims got idiotic dispute letters written by the black helicopter crowd that they were supposed to send to creditors and collectors, who would then have to forgive all the debts and the credit bureaus would have to delete all the tradelines. Because "a lawyer told me I could," the victims stopped paying their credit cards, mostly owed to FDIC-insured banks.....
Click to expand...

At least some people do get caught. I knew this guy. Last saw him in 1999 just after he married some stripper.

http://www.justice.gov/usao/txn/PressRel11/stanton_FFETF_indict_pr.html

willcrook · Mar 1, 2011

I think many people would be tempted to just drive away and never come back on a test-drive of the F50

BMW.SauberF1Team · Mar 1, 2011

willcrook said: ↑

I think many people would be tempted to just drive away and never come back on a test-drive of the F50
Click to expand...

Most people probably feel that way, but in the thought is also the "and pay for it" stuff as well.

Jas, glad you didn't lose out on this. I hope you find another F50 to be a part of your awesome collection. Take care.

TexasF355F1 · Mar 1, 2011

What an amazing story. Hard to believe he got away with it for so long.

Did he never have the car serviced or did he have someone service the car privately as a way to avoid being discovered?

Kevin2772 · Mar 1, 2011

I havent had the opportunity to test drive many (any) cars with values like the F50, but dont they normally send a sales person along on a test of a car like that, especially one that rare?

arnaget · Mar 1, 2011

Yes, they do (and they did..). But while switching seats for the drive back to the dealership, the F50 started moving.... and it certainly has the performance edge over the salesperson's shoes

nthfinity · Mar 1, 2011

arnaget said: ↑

Yes, they do (and they did..). But while switching seats for the drive back to the dealership, the F50 started moving.... and it certainly has the performance edge over the salesperson's shoes
Click to expand...

not quite. If I recall the story correctly, he drove back to the dealership, and as they were about to get out, the thief shut his door, and locked the salesman's door after the salesman got out, and sped off.

mikesufka · Mar 1, 2011

nthfinity said: ↑

not quite. If I recall the story correctly, he drove back to the dealership, and as they were about to get out, the thief shut his door, and locked the salesman's door after the salesman got out, and sped off.
Click to expand...

Would be a nice addition to this story to hear the salesman perspective of the actual theft.

nthfinity · Mar 1, 2011

mikesufka said: ↑

Would be a nice addition to this story to hear the salesman perspective of the actual theft.
Click to expand...

http://www.ferrarichat.com/discus/messages/251280/321037.html?1065238769

That would be a refresher for some.

additionally..

ARDMORE, Pa. (AP) - Where do you hide a $729,000 US Ferrari during rush hour?

That's what police in the Philadelphia suburbs want to know, after a con man drove off with a red Ferrari F50 during a test drive.

The same man may have grabbed two lower-end Ferraris from dealerships in North Carolina and New York state this year, police said.

The Ferrari F50 - which can hit 100 kilometres an hour in less than four seconds and tops out at 327 km/h - hasn't been seen since the Sept. 16 test drive at Algar Ferrari in Rosemont, Pa.

"One of these would attract attention anywhere, even in a crowd of Ferrari people," said Gerald Roush of suburban Atlanta, who publishes a Ferrari newsletter.

Police theorize it was hustled into a trailer and quickly shipped overseas for sale on the black market.

Ferrari made just 349 of the eye-popping Italian roadsters - described by one car-enthusiast Web site as "part Batmobile, part ballistic missile" - in 1995 to commemorate its 50th anniversary.

It was designed to be a street version of a Formula One race car.

The thief, a nattily dressed man who claimed he had flown up from Atlanta and had a limo waiting at the nearby Acme, Pa., took the test drive without producing a licence. The ID, he said, was in a wallet he had left with his secretary.

Claiming to be a wealthy businessman, he had called ahead about the car and produced someone else's proof of credit when he arrived, police said.

"He looked and acted rich. That's the type of clientele they get in there," said Det. Charles Craig, the lead investigator.

The car - No. 29 in the F50 series - had 7,564 kilometres on it and just one previous owner. The dealership bought it within the last year, said Roush, who tracks Ferrari sales, and the dealership owner, who did not want his name published.

The salesman first took the prospective buyer for a spin, then let him behind the wheel. During the test drive, the man stopped in front of a gated Villanova neighbourhood and asked the salesman if he would drive back to the dealership.

When the salesman got out, the thief sped off.

Police were summoned but never spotted the vehicle. Detectives believe he had help.

"This took a lot of planning," Craig said.

Now they're looking for the con man, described as a middle-aged, six-foot, slender white male with reddish-brown hair and glasses.

The description generally matches that of a supposed doctor who stole the other Ferraris.

Roush, who posted the information in his newsletter, said a red, 1989 Ferrari 328 GTS was stolen from a friend's dealership in Greensboro, N.C., on April 26. The theft occurred when a man who had been in several times asked to drive the car around the block by himself, Roush said.

In Long Island City, N.Y., a red 1985 Testarossa was stolen from a lot July 15 when the salesman showing the car was distracted, Roush said.

Those models are worth $50,000 to $60,000 each, he said.
Click to expand...

chris360hawks · Mar 1, 2011

You think that since he was smart enough to pull off the heist and actually drive it "legally" for 5 years in the states, that he would be smart enough not to sell it.

Zack · Mar 2, 2011

I would think that the original vin number would pop up as stolen on any DMV database?
Did he change the VIN number to get the title? If so, the new VIN number's check digits and other key digits that identified the manufacturer as Ferrari, the car as a US-spec car, etc. would all have to be correct.

RufMD, did the VIN plate jive with the car's serial number? If so, what serial number did he use for the fake VIN? The original 29 would have popped up as stolen, right? Or is the car's series production number (29 in this case) not part of the VIN for an F50?

lord.brett · Mar 2, 2011

very bad trip for #103494

VIN : ZFFTG46AXS0103494

BigTex · Mar 2, 2011

Euro example for sale, in Dallas.

I'm off to buy a LOTTO ticket now!!

RufMD said: ↑

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
Click to expand...

arnaget · Mar 3, 2011

nthfinity said: ↑

not quite. If I recall the story correctly, he drove back to the dealership, and as they were about to get out, the thief shut his door, and locked the salesman's door after the salesman got out, and sped off.
Click to expand...

Hey Isaac,
You could very well be right; suppose the only people who know for sure would be the salesman and the pilot..

The article you quoted though states:

"The salesman first took the prospective buyer for a spin, then let him behind the wheel. During the test drive, the man stopped in front of a gated Villanova neighbourhood and asked the salesman if he would drive back to the dealership.

When the salesman got out, the thief sped off."

So at the time, I interpreted it as meaning they were switching seats before getting back to the dealership, and that's when he drove away.

That link, wow... some really old names there!... "DES" !!! hehe... pre-Carbon

Murcielago_Boy · Mar 3, 2011

RufMD said: ↑

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
Click to expand...

F**KING HELL!!!
How fantastic that you were able to get your money back mate! Look at it a different way - Shows that somewhere along the line you were actually an INCREDIBLY fortunate person to get your money!

nthfinity · Mar 3, 2011

arnaget said: ↑

Hey Isaac,
You could very well be right; suppose the only people who know for sure would be the salesman and the pilot..
Click to expand...

I found the article because my cranial composites didn't recall correctly

atomicskiracer · Mar 3, 2011

Incredible story...thanks for sharing it with us!

rext · Mar 3, 2011

Jas,just ran across this.Glad its come full circle now.I usually only read and learn and not post but I cant resist this one.
Jas left out some detail but rest assured this was an incredible journey and even more incredible story.I would have exploded but Jas was the cool level headed guy he is and absolutely prevailed.The local police/FBI worked together with Jas and were a blessing.I had a conversation with the thief not long ago out of the blue.Apparently he is back at work,albeit a low profile.The car still sits in Lexington.And I may well have the only souvenir left from the Algar Ferrari as I do still have that Rear tire! lol..Maybe put it on Ebay?
This car brought some new friends from Detroit so it wasnt all bad. How was that ride Isaac?We had a great time that day at Keeneland.
I would hope the FBI and Insurance company finally solve their dispute and get this car back in the hands of someone that will fix it.Afterall it is more famous than the Eddie Griffin Enzo.What a story.I have a piece you will think is funny that I will add to this as well when I have time.It was a hell of a ride!

Garymyman · Mar 3, 2011

Simply awesome story, Jas.

The most unbelievable part of the whole ordeal is that you didn't talk about it for 3 years!

carreragt558 · Mar 5, 2011

Jas,

I am so happy for you that everything got sorted out.

I don't personally know you but all I can tell is that you are a well respected man all over the forums you contribute to.

Don't let that experience put you down!
Thank you for sharing another epic story!

Peloton25 · Mar 5, 2011

Glad to finally get to hear the end of this story.

...or are we still at the middle?

Anyway, like others have said it is great that you were made whole as that doesn't often occur in these types of situations for people who have unwittingly purchased stolen property.

The real shame is that the car couldn't have been returned to you while everything got sorted out after the actual arrest was made. Given how cooperative you had been (and the value of an F50) it just doesn't make sense for them to risk holding onto it in some storage building somewhere. Such a shame the results...

One question that comes to mind - did the car come with all the pieces for converting it to its barchetta configuration? In all the pics I have found of 'yours' it was never fitted that I can tell. Do we know which configuration it was in when originally stolen?

Also - this was always my favorite photo that you shared. How many other F50 owners would have done this kind of thing on their own?

I definitely hope you get another one someday.

>8^)
ER
Image Unavailable, Please Login

nthfinity · Mar 5, 2011

rext said: ↑

Jas,just ran across this.Glad its come full circle now.I usually only read and learn and not post but I cant resist this one.
Jas left out some detail but rest assured this was an incredible journey and even more incredible story.I would have exploded but Jas was the cool level headed guy he is and absolutely prevailed.The local police/FBI worked together with Jas and were a blessing.I had a conversation with the thief not long ago out of the blue.Apparently he is back at work,albeit a low profile.The car still sits in Lexington.And I may well have the only souvenir left from the Algar Ferrari as I do still have that Rear tire! lol..Maybe put it on Ebay?
This car brought some new friends from Detroit so it wasnt all bad. How was that ride Isaac?We had a great time that day at Keeneland.
I would hope the FBI and Insurance company finally solve their dispute and get this car back in the hands of someone that will fix it.Afterall it is more famous than the Eddie Griffin Enzo.What a story.I have a piece you will think is funny that I will add to this as well when I have time.It was a hell of a ride!
Click to expand...

Rex, I still need to bring you up to Brighton for a private tour of the local collection

Oh, and it was James (Veedub) who rode in the F50 with you... I was relegated to driving duties How was that ride? Unforgettable. I can't thank Jas enough for the opportunity he gave me that day!

Buxton · Mar 6, 2011

Unbelieveable roller coaster of emotions you must have gone through; many sleepless nights no doubt.

Are you permitted to reveal the two VIN Numbers (original + copied) and the engine number?

RufMD said: ↑

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
Click to expand...

YellowF50 · Mar 6, 2011

Glad to hear jas got his money back and it was nice to hear how the FBI sat watched and waited to try and allow the money to be returned, I doubt the uk would do that ( they would of just gone in feet first confiscated everything from everyone and the money would still be held up as evidence ).

I remember when this car first went missing and the speculation was the car was gone, in a container to china or dubai somewhere like that and never to be seen again. What is unbelievable is the guy who stole the car had been riding around in it right under the nose of the Ferrari fraternity. And then sold it to somebody who he knew.

I understand why jas refrained from divulging the full details of his involvement in this despite pressure from the previous thread.

Just a shame the car is totalled, maybe someone someday may fix it up even if it's just for track and shows.

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