Man Arrested in $1 million Car Fraud Scheme

Carlos Kirigin

Mr. Carlos Kirigin was arrested today on a  scheme to defraud and grand theft charges.  Mr. Kirigin ran a business involving the sales of high end vehicles such as BMWs, Mercedes Benz, and Ferraris.  According to the victims in this case, Mr. Kirigin would collect monies (capital) from individual investors, dealerships in Puerto Rico and/or customers and purchase “high-end” vehicles.  The dealerships and individual customers were purchasing vehicles for their personal use, while investors purchased the vehicle as an investment.

Upon securing the funds, Mr. Kirigin would find buyers for the vehicles he would purchase and sell the vehicles to the buyers for a profit.  The profit would then be split between the investors and himself.  However, the investigation revealed that on October of 2007 thru October of 2008, Mr. Kirigin defrauded the victims by not purchasing any of the vehicles and misappropriating the funds.

One of the victims in the case also utilized Mr. Kirigin to sell his 2007 Ferrari worth approximately 260,000 dollars.  Rather than selling the vehicle for the victim, the suspect managed to duplicate the title on the vehicle and upon doing so the vehicle was sold and the proceeds of the sale were used to pay a previous debt.  The total financial loss between all four victims was $971,351.00.

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4. FBI: Ponzi Scheme of Florida Attorney Could Top $1 billion
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Posted by Editor on Nov 20 2009 Filed under Crime, Latest News, Orlando/Orange County. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry