Bel Air (CA) - CNN is reporting that Stefan Eriksson, the former Gizmondo Europe executive involved in a spectacular crash of a rare Ferrari Enzo in February, has been arrested on suspicion of grand theft, and is being held without bail. Creditors in the UK are stating that the Enzo, along with a Mercedes valued at, at least, $400,000 that Eriksson apparently had shipped to him after he moved to the US last year, were in default.

He is being held without bail because U.S. Immigration and Customs Enforcement put a hold him, the Los Angeles Times reported in Monday editions.

The Ferrari crash spun into a web of mystery when Eriksson told authorities that he was only a passenger in the car and that the driver was a German acquaintance he knew only as Dietrich. He said Dietrich ran into the hills, but a search by sheriff's deputies turned up no one.

(CNN.com)

Eriksson resigned from his executive position at Gizmondo in October 2005, after the Swedish newspaper Aftonbladet revealed he was been convicted twice in the mid 1990s on mob-related charges. In an editorial last February, our Aaron McKenna detailed the story of Gizmondo, Tiger Telematics, and their dramatic rise and fall.

The Ferrari Enzo is a limited edition model, built in 2002 to honor the legendary founder, Enzo Ferrari. It has a 6.0-liter...or perhaps, we should say, this particular vehicle had a 6.0-liter V12 engine, capable of a tremendous 660 horsepower (by the European standard, bhp), at engine rotations topping at 7800 rpm - faster, you might say, then today's Seagates. Pictures of the accident are one of the featured highlights of WreckedExotics.com, where you'll find about half of the shamelessly destroyed machine appearing intact beside a Malibu freeway.

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