x Abu Dhabi, UAEThursday 27 July 2017

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

A collection of 200 genuine and replica classic cars will be up for auction following the arrest of Jeffrey Mowen.

This 1956 Chevrolet station wagon could be yours at auction.
This 1956 Chevrolet station wagon could be yours at auction.

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).

motoring@thenational.ae