Alleged fraudster's prized cars go under the hammer in US

SALT LAKE CITY, UTAH // A collection of 200 genuine and replica classic cars will be up for auction following the arrest of Jeffrey Mowen, who was apprehended in Panama last April and charged with running a Ponzi scheme, a fraudulent investment arrangement where investors are paid with their own money rather than profits. Mowen has pleaded not guilty, but a judge ruled that the cars can be auctioned before a verdict is determined because the state is paying US$20,000 (Dh73,459) per month to store his cars, motorcycles, dune buggies and golf carts. Among the low-value kit cars and bikes are a Lamborghini lookalike based on a Pontiac Fiero chassis, a replica 1939 Jaguar built on a 1984 Cadillac chassis and a copy of the bike Peter Fonda rode in Easy Rider. Genuine cars in Mowen's collection include a 1981 DeLorean sports coupe, a 1989 Bentley Turbo and a 1973 Plymouth Barracuda. The cars will be sold at two auctions this month and the expected US$2 million (Dh7.34 million) raised will go to Mowen's investors who are owed more than US$8 million (Dh29.4 million).

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