Viken Keuylian, 45, of Laguna Hills, former owner of the Lamborghini of Orange County and the Lamborghini of Calabasas dealerships, will be pleading guilty to wire fraud on Monday said the U.S. attorney’s office in Los Angeles. If proven guilty Keuylian could faces a maximum penalty of 30 years in prison.
Keuylian is accused of using $12-million worth of funds derived from Volkswagen Credit Inc. to purchase luxury vehicles. For every car he sold he was "was obligated to pay back the money loaned to purchase that specific vehicle" said authorities. He allegedly instead told Volkswagen Credit Inc. that the cars were still in his inventory and then used the funds to pay off other expenses.
One instance in October of 2008, Keuylian sold about 54 luxury cars for less than he borrowed to purchase them, or for approximately $8,163,275 of the $12,560,314 . The misappropriated funds have been connected with debts owed to a vineyard and a Lotus car dealership in Beverly Hills.
[via L.A. Times]
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