Crime can pay. Well, temporarily.
If you’re in the market for a collector’s car or even a rare supercar, you probably wouldn't think of checking out a federal auction. You see, when the US government charges someone for fraud, they’re often forced to relinquish property, which includes cars. And sometimes those cars are highly sought after, like a Ferrari F40.
According to NBC 4 Los Angeles, this restored 1991 Ferrari F40 is currently up for auction is one of many high-end cars seized in a federal fraud investigation. The F40 is actually just one of many cars that were forfeited by a guy named Richard Scott, a parking lot operator who pleaded guilty last year to defrauding the US Department of Veterans Affairs out of more than $13 million. He also bribed a VA officer to the tune of $300,000.
Some of Scott’s other cars bought with stolen money include vintage Corvettes and a 1970 Plymouth Roadrunner. He also bought $7 million worth of condos in Santa Monica and a Cigarette racing boat. All of that was forfeited as well as part of a plea agreement.
The online auction featuring the F40, which was restored on the Discovery show "Fast N’ Loud”, and the other items got underway on January 28 and continues through February 11. As of this writing, the F40’s highest bid so far is $503,000. Sounds like a solid deal, right? After all, F40s have been selling for around $1.5 million a pop, if not higher.
However, those F40s are in pristine condition. This one is not. The auction listing states it was involved in an accident in 2011 and the "vehicle (was) damaged in multiple places. It hit a fence. Severe damage reported. Minor to moderate right side damage reported. Vehicle towed.” The restoration reportedly took place post-crash. The report adds the airbags also did not deploy, which makes sense because there aren’t any. Another issue is mileage inconsistency, but it was listed in 2017 as having 8,130 miles. There’s no CarFax report and it’s sold as-is. It does start, however.
"Mr. Scott has quite the taste in cars,” said US Marshal's Office Assistant Deputy Chief Joseph Exner. "He definitely enjoyed his high-dollar cars. He's also got some older cars that probably gained in value. His car collection is more of, ‘Look at me. Look at how much money I have.’”
Well, now he’s in jail. No cars (or boats) are needed there.