Remember the stolen F50 from Algar?

skydancer · Mar 7, 2011

confrontational story ... nowadays rather a rule than an exception unfortunately
in my case counting honest people is restricted to (merely) less than the fingers of half my hand :-(
fortunately you got the amount back (and maybe also some more grey hairs ;-) )

amslb182 · Mar 7, 2011

Crazy story Jas, amazed you got the money back. What a relief.

Just goes to show the importance of a ppi, and due diligence. Luckily this wasnt a six figure lesson for you.

REMIX · Mar 8, 2011

RufMD said: ↑

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.
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Dude you are so lucky! That could have ended very badly for you!

RMX

REMIX · Mar 8, 2011

chris360hawks said: ↑

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.
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D-I-V-O-R-C-E.

Probably would have been compelled to sell it anyway to divide the marital assets. Don't know KY law, though.

RMX

Flash G · Mar 8, 2011

Wow. Great read.

PAP 348 · Mar 9, 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
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Amazing story!!! Glad it worked out in the end Jas!!

rext · Mar 10, 2011

nthfinity said: ↑

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!
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Ah yes,you are correct.I still look at your site and check those pics out from time to time!
I still gotta tell the story about the thief not paying for gas and I get pulled over..!!!

Ice9 · Mar 12, 2011

An amazing story. A couple of things resonate:

1) It seems like if your car is going to get stolen, it would be during time at a dealership: one might ask, how could the thief have gotten the original keys for the car? Its hard to resell or even drive a "hotwired" car. Well, the dealers are the only place where the keys are left in the car or handed to strangers.

Currently in the San Fran area, the big news story is a stolen yellow Lambo. It belongs to a famous celebrity chef named Guy Fieri, host of a show called "Diners, Drive Ins and Dives". Apparently it was at the local dealer for service and the thief rapelled into the dealership one night and drove the car away! It has been sighted around town and on the GG Bridge since then but the police have not been able to locate it -- a yellow Lambo hiding in plain sight...

If you want to read more:

Stolen Lamborghini seen in Tiburon, on GG Bridge
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/03/10/BA101I80BJ.DTL

2) PPIs, Carfax, etc dont give 100% confidence: Had Ferrari North America etc not gotten involved, the buyer would never have known it was stolen! Perhaps we should all register our cars with Ferrari just for tracing/tracking purposes. Better than Lojack?

coinball · Mar 14, 2011

Wow...I was going to Drexel back then and I have like 40 pictures of the F50 sitting in Algar's showroom (not sure if the sales guy Francis is still there, but he was awesome and let me and some friends drool over the F-cars and BS with him whenever we'd venture over that way); I had heard about it getting stolen shortly after that but didn't realize the epic story associated with it.

I'm gonna have to go dig up those pics now...

BigWilly · Mar 15, 2011

I'm guessing this is the after photo?
http://www.imaginelifestyles.com/luxuryliving/2011/02/wtf-fbi-crashes-ferrari-f50

Ferraripilot · Mar 15, 2011

Don't get be started on cops/fbi/secret service and their ludicrous double standards. I have family members in some of these agencies and they are among the most crooked above-the-law people I have ever met.

This story does not surprise me, and this insurance company will have one hell of a battle against the feds.

mikesufka · Mar 15, 2011

By chance, was the thief ever posting on F-Chat?

MDS

CarloR · Mar 15, 2011

Wow.. what a seriously great story. I remember when hearing about the F50 being stolen and that was the news of the town for a while when it happened. Glad you got your money back that's for sure.. cause now a days who knows where it would have gone when the guy went to jail or spent it before on attorneys.

RufMD · Mar 16, 2011

mikesufka said: ↑

By chance, was the thief ever posting on F-Chat?

MDS
Click to expand...

I dont think so, I wondered the same.

nthfinity · Mar 16, 2011

rext said: ↑

Ah yes,you are correct.I still look at your site and check those pics out from time to time!
I still gotta tell the story about the thief not paying for gas and I get pulled over..!!!
Click to expand...

When you first told it to me, it was an incredible story. Knowing now what we know... it is down right unbelievable!

Dimitar · Mar 16, 2011

Jas,
I think some one made a good point earlier , but I do not think you gave an answer. Did the car came with both hard top and the barchetta set up?

RufMD · Mar 18, 2011

Dimitar said: ↑

Jas,
I think some one made a good point earlier , but I do not think you gave an answer. Did the car came with both hard top and the barchetta set up?
Click to expand...

No it didnt, turns out the barchetta soft top was still at Algar

Kevin2772 · Mar 21, 2011

What was the story the seller to you used when im sure you asked about the location of the soft top?

Tenney · Mar 21, 2011

Kevin2772 said: ↑

What was the story the seller to you used when im sure you asked about the location of the soft top?
Click to expand...

"It's with the shoes"?

DevonL · Mar 23, 2011

An amazing story! I'm glad things worked out for you the way they did Jas, as I was reading I kept expecting to hear that you ended up being out 500K+ on the deal. What a beautiful car and a horrible ending for it to have had .

narkj · Mar 24, 2011

RufMD, how can I get in touch with you. I'd like to speak with you, privately.

Veedub00 · Mar 26, 2011

ohh, sounds interesting. Actually, this could be a great feature story in a car magazine.

mikesufka · Mar 26, 2011

Veedub00 said: ↑

ohh, sounds interesting. Actually, this could be a great feature story in a car magazine.
Click to expand...

Great idea. Don't know if RUFMD wants it THAT public though. Maybe a call to Car & Driver?????????

MDS

Off Topic - but does anyone remember the story from Car & Driver about the F50 they tried to test? Went thru a bunch of "Hoopla" to finally get one. They talked about the lease/purchase agreement, owners being told to not let Car & Driver test it, the performance, etc... Great article.

Agent Smith · Apr 3, 2011

That's actually a good idea. I remember the F50 test article you referenced, that one always cracked me up.

Mondog1 · Apr 15, 2011

http://www.philly.com/philly/news/20110415_Lots_of_vroom_for_questions_in_this_stolen-car_case.html?viewAll=y

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