Gizmondo Exec Arrested for Grand Theft

Former Swedish executive of Gizmondo, Stefan Eriksson, has been arrested on suspicion of grand theft in Los Angeles. Eriksson was involved in a car wreck of an Enzo Ferrari (one of only 400), along with a Mercedes and another Ferrari. Apparently, his car collection was owned by a British firm and was brought to Los Angeles when he moved from Britain last year.

The firm held the titles and said his payments had lapsed. Authorities have said the $600,000 Mercedes had been reported to London’s Scotland Yard. The Ferrari was worth more than $1 million. All three cars have been confiscated, and Eriksson was arrested at his Bel-Air home Saturday. For those of you unfamiliar, Gizmondo is of course a European video game company that filed for bankruptcy after its handheld of the same name failed to penetrate the European or US markets.

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