According to LA Times, Viken Keuylian, a Lamborghini Orange County dealer has agreed to plead guilty to only one count of felony wire fraud. Given his deed, he faces a sentence of up to 30 years in jail. The hearing is scheduled for today in federal court in Santa Ana, where the final sentence is to be given for Keuylian.
Volkswagen Credit Inc gave Keuylian loans to buy the luxury sports cars and for each car that he managed to sell, he had "to pay back the money loaned to purchase that specific vehicle," a statement by the U.S. Department of Justice said.
However, Keuylian tried to fool the financing company saying that the cars he had sold were still in his lots. The dealer is believed to have used the money to cover other expenses such as business debts linked to a vineyard and a Lotus car dealership in Beverly Hills, authorities claimed.
According to the authorities, Keuylian sold about 54 luxury vehicles in October 2008 in just 8 days for less than he owed Volkswagen Credit for each car because he had offered the sports cars at deep discounts. Thus, the financing company gave him $12,560,314 to purchase the cars, but Keuylian received only $8,163,275 from the sales. VW Credit paid the cost of Lamborghini O.C.’s cars in advance of the sale but didn't get the money from the proceeds.
Keuylian owned Lamborghini of Orange County, in Santa Ana and Lamborghini of Calabasas, but now both of them are closed. Keuylian was involved in other illegal incidents, including the failure to pay back a $3 million loan from the East-West Bank.
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