NASCAR Drivers among victims in ponzi scam

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foehammer111

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http://www.clickorlando.com/news/20142946/detail.html

ORMOND BEACH, Fla. -- NASCAR drivers are among the victims of a scam that also targeted police officers, Florida Department of Law Enforcement officials said.

FDLE agents served two search warrants on Ormond Beach homes believed to be involved in the scam. Officers are searching for evidence as well as potential victims.

"Basically, the Ponzi scheme made investors believe that they could get them a guaranteed return on their investment up to 40.8 percent and they got them to invest their money and then used their money for their own personal gain. Our investigation is still in the process of collecting evidence and sorting through the different computers and everything else we found," FDLE agent Wayne Ivey said.

Ivey said he was not sure how the scam artists established credibility with their victims, but a former Grand Am racecar driver game the scam artists access to Grand Am racing as well as NASCAR.

One known victim is a NASCAR driver, and another works at the NASCAR front office, Ivey said.

Investigators believe dozens of people fell victim to the scam and are searching for additional victims.

The FDLE said anyone who invested with Executive Investment Group and Diversified Investment Group should contact the agency or the sheriff's office immediately.
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If it sounds too good to be true....
 
Sounds like Grand-Am driver Henri Zogaib, might be a suspect in this crime.

http://sportsillustrated.cnn.com/2009/racing/more/07/23/racing.ponzi.probe.ap/index.html

Agents raid home of Grand Am driver Zogaib

ORMOND BEACH, Fla. (AP) -- The homes of professional race car driver Henri Zogaib and his business partner were searched Wednesday by Florida law enforcement agents who are investigating an alleged $5.4 million Ponzi scheme that has also ensnared an unidentified NASCAR driver, authorities said.

Agents seized computers and documents from Volusia County homes owned by Zogaib, a Grand Am driver, and business partner Paul Bellanca, said Susie Murphy, a spokeswoman for the Florida Department of Law Enforcement.

The victims included a NASCAR driver and others involved in professional racing, Murphy said. She declined to disclose their names.

The agents also issued warrants on accounts at three banks and froze some assets. No charges have been filed in the investigation.

The men promised returns of up to 40.8 percent for investments in iron and ore to more than a dozen investors, Murphy said.

She added that the probe is focusing on two companies operated by Zogaib and Bellanca, Executive Investment Group LLC and Diversified Equity Investment Group LLC. A registered agent for Executive Investment Group LLC, accountant Howard Stange, didn't return a phone call to his office seeking comment.

Zogaib placed 33rd place during the Grand Am Rolex race last year at the Daytona International Speedway.
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