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Looks like he was using money made from OC Lambo to pay off BH Lotus debts:
Orange County Lamborghini dealer to plead guilty to wire fraud
12:34 PM | March 11, 2009
An Orange County man, whose car dealerships accounted for about 5% of all Lamborghinis sold worldwide, has agreed to plead guilty to charges of felony wire fraud and faces a maximum penalty of 30 years in prison, authorities announced today.
Viken Keuylian, 45, of Laguna Hills, allegedly schemed Volkswagen Credit Inc. out of at least $12 million, according to a statement from the U.S. Department of Justice. The financing company gave him loans to purchase the luxury vehicles. He is scheduled to appear in federal court in Santa Ana on Monday.
Keuylian owned Lamborghini of Orange County and Lamborghini of Calabasas, which have now both closed. Under his agreement with VCI, Keuylian was loaned money to purchase cars that he put on his lots and for each car sold he "was obligated to pay back the money loaned to purchase that specific vehicle," authorities said.
Keuylian allegedly deceived VCI by telling them the cars he had already sold remained on his lots. But, in fact, he had misappropriated that money to pay-off other expenses, including business debts connected with a vineyard and a Lotus car dealership in Beverly Hills, authorities said. In one incident, authorities said Keuylian sold about 54 luxury vehicles in October 2008 for less than he owed VCI for each car. VCI loaned him $12,560,314 to purchase those cars, but Keuylian received only $8,163,275 from the sales, and authorities said none of the initial loan was paid back.
-- Ari. B. Bloomekatz
Orange County Lamborghini dealer to plead guilty to wire fraud | L.A. Now | Los Angeles Times
SoCal dealer charged with Lamborghini scam
Published: March 11, 2009 at 3:36 PM
SANTA ANA, Calif., March 11 (UPI) -- A high-end Southern California sports car dealer has been charged with bilking his financing company by not reporting sales, federal prosecutors said Wednesday.
Viken Keuylian, 45, Laguna Hills was charged Wednesday with wire fraud in connection with millions of dollars borrowed to pay for expensive Lamborghini cars that he sold out of his two Orange County lots.
The U.S. Attorney's office in Los Angeles said in a written statement that Keuylian, whose sales accounted for 5 percent of the Lamborghinis sold worldwide, would plead guilty in Santa Ana federal court on Monday.
Prosecutors said Keuylian allegedly borrowed millions of dollars from Volkswagen Credit Inc. to pay for the purchase of the cars he sold out of his dealerships in Orange County and Calabasas. The loan agreement required Keuylian to pay VCI back whenever he sold a car.
Keuylian was accused of selling cars and then failing to report the sale. He allegedly used the money from the loans to pay off unrelated business debts.
The FBI seized some 54 vehicles worth more than $12 million in the investigation, including some Bentleys and other high-end cars.
© 2009 United Press International, Inc. All Rights Reserved.
SoCal dealer charged with Lamborghini scam - UPI.com
Orange County Lamborghini dealer to plead guilty to wire fraud
12:34 PM | March 11, 2009
An Orange County man, whose car dealerships accounted for about 5% of all Lamborghinis sold worldwide, has agreed to plead guilty to charges of felony wire fraud and faces a maximum penalty of 30 years in prison, authorities announced today.
Viken Keuylian, 45, of Laguna Hills, allegedly schemed Volkswagen Credit Inc. out of at least $12 million, according to a statement from the U.S. Department of Justice. The financing company gave him loans to purchase the luxury vehicles. He is scheduled to appear in federal court in Santa Ana on Monday.
Keuylian owned Lamborghini of Orange County and Lamborghini of Calabasas, which have now both closed. Under his agreement with VCI, Keuylian was loaned money to purchase cars that he put on his lots and for each car sold he "was obligated to pay back the money loaned to purchase that specific vehicle," authorities said.
Keuylian allegedly deceived VCI by telling them the cars he had already sold remained on his lots. But, in fact, he had misappropriated that money to pay-off other expenses, including business debts connected with a vineyard and a Lotus car dealership in Beverly Hills, authorities said. In one incident, authorities said Keuylian sold about 54 luxury vehicles in October 2008 for less than he owed VCI for each car. VCI loaned him $12,560,314 to purchase those cars, but Keuylian received only $8,163,275 from the sales, and authorities said none of the initial loan was paid back.
-- Ari. B. Bloomekatz
Orange County Lamborghini dealer to plead guilty to wire fraud | L.A. Now | Los Angeles Times
SoCal dealer charged with Lamborghini scam
Published: March 11, 2009 at 3:36 PM
SANTA ANA, Calif., March 11 (UPI) -- A high-end Southern California sports car dealer has been charged with bilking his financing company by not reporting sales, federal prosecutors said Wednesday.
Viken Keuylian, 45, Laguna Hills was charged Wednesday with wire fraud in connection with millions of dollars borrowed to pay for expensive Lamborghini cars that he sold out of his two Orange County lots.
The U.S. Attorney's office in Los Angeles said in a written statement that Keuylian, whose sales accounted for 5 percent of the Lamborghinis sold worldwide, would plead guilty in Santa Ana federal court on Monday.
Prosecutors said Keuylian allegedly borrowed millions of dollars from Volkswagen Credit Inc. to pay for the purchase of the cars he sold out of his dealerships in Orange County and Calabasas. The loan agreement required Keuylian to pay VCI back whenever he sold a car.
Keuylian was accused of selling cars and then failing to report the sale. He allegedly used the money from the loans to pay off unrelated business debts.
The FBI seized some 54 vehicles worth more than $12 million in the investigation, including some Bentleys and other high-end cars.
© 2009 United Press International, Inc. All Rights Reserved.
SoCal dealer charged with Lamborghini scam - UPI.com
