Ferrari Mailing List: Re: [Ferrari list is the right place to bring arguements to.]

Re: [Ferrari list is the right place to bring arguements to.]	<– Date –> <– Thread –>
From: Brian E. Buxton (BrianBuxtonBuxtonMotorsports.com)
Date: Tue, 18 Oct 2011 17:35:43 -0700 (PDT)

Here is the result ..,.

LOS ANGELES. -- Former top Ferrari broker Michael Sheehan never thought he would find himself in the kind of legal troubles he is in today.

The man who peddled the most expensive vintage Ferrari ever sold -- a classic GTO at $13.75 million -- placed his Costa Mesa company, European Auto Sales and Restoration Inc., into bankruptcy last March.

Meanwhile, two civil fraud lawsuits against him are pending, and he has yet to settle another one.

Sheehan's legal troubles began after global Ferrari prices surged in the late 1980s, then crashed in the early 1990s.

After the market collapse, several wealthy ear collectors claimed heavy financial damages; they alleged they had been cheated.

Criminal complaints were filed, and Sheehan's house was raided by police in the course of the investigation.

Sheehan, 47, denies the allegations. "It was totally unethical," he said. "It was totally immoral. They lied, they lied."

One case involved Japanese millionaire Yoshikuni Okamoto, who in 1990 paid Sheehan $320,000 for a 1962 Ferrari 250 GT Berlinetta. Three years later, Okamoto filed a civil fraud suit, claiming he spent $170,000 for European Auto to restore the car, with little result. As he waited, the car's market value fell until it bottomed at less than what he had paid for it.

In 1995, restaurateur Yoji Oyama filed a similar complaint against European Auto. Oyama said he paid $375,000 for a 1950 Ferrari roadster and nearly $200,000 more for restoration. But after six years, the company had not completed the job.

Then Hong Kong collector Michael Mak sued, alleging he paid Sheehan $582,000 for a 1965 Ford GT40 race car, but instead received a replica built from the scraps of the original.

Okamoto won a settlement last August for less than half his attorney's fees. The other cases are pending.

And other legal issues remain, including a claim by European Auto's bankruptcy court trustee that Sheehan laundered funds before the bankruptcy, an allegation Sheehan denies. But he has been cleared of any criminal fraud charges.

"If I could do it all over again I would do it differently," Sheehan said.

"Because what I've been through has been emotionally, financially, devastating."

On 10/18/11 10:55 AM, Douglas Le Grand wrote:

Thank You Adam, Yes, it is true, I am new to the Secret World of Ferrari Brokering to the rich and famous. I also have a Masters Degree in Economics, Bachelors Degree in Business Administration and Graduate from UTI in 1974. People like Mike Sheehan, who by the way tossed Mark Ketchem under the bus on the first sign of trouble, need to be stopped. Why allow dishonest person, see article, to continue ripping people off. Most people are wealthy because they work hard, smart and are honest. Mark Ketcham is a retired Dot.com millionaire living the good life on his personal winery in Hearldsberg, CA. He is now mixed up with Mike Sheehan who has been convicted of Fraud against Ferrari owners. I think, personally, that I am doing everyone a favor, except Mike Sheehan by exposing his business practices.

Douglas S. Le Grand

Mortgage Associate

Alliance Direct Home Mortgage

3131 Camino Del Rio North, Suite 900

San Diego, CA 92108

Phone: 619-327-2204 Fax: 619-327-2264

Email: dlegrand@alliancedirecthm.com

Website: www.alliancedirecthm.com

From: Adam Green <FlatCrank [at] gmail.com>
To: Douglas <gemologist007 [at] yahoo.com>
Cc: The FerrariList <ferrari [at] ferrarilist.com>
Sent: Monday, October 17, 2011 6:54 PM
Subject: Re: [Ferrari] FW: Fw: Your past is catching up with you. Know your broker.

I don't have a dog in this fight, I don't know any of the parties first hand, but any suggestion of censorship is outrageous. Where the hell else does public debate on such a focused topic occur if not here?

If the claims by one party against another are wrong, well, it's no more damaging than the fact that there was a suit filed and court proceedings on record -- it's of course wrong to assume that just because there's a plaintiff case, that the plaintiff is somehow presumed "the innocent, injured party" so it's a matter of free, public, respectful discourse and, as ever, we can only trust that justice is done in the courts. I won't be so skeptical or cynical as to widen the aperture to include the issue of justice. : )

I think we've heard good advice and opinions thus far and the only thing that should not happen is to censor or censure. After all, we are living in a new age of public debate where no topic is out of bounds, especially corruption, and I can only hope some good will come of it.

Adam

On Mon, Oct 17, 2011 at 6:35 PM, David Handa <dave [at] davehanda.com> wrote:

Douglas,

I think it is time to take this “internet extortion” attempt, off List.

I appreciate the entertainment value while it lasted, but it is getting boorish now….

From: Douglas Le Grand [mailto:gemologist007 [at] yahoo.com]
Sent: Monday, October 17, 2011 3:57 PM
To: dave handa
Cc: The FerrariList
Subject: [Ferrari] Fw: Your past is catching up with you. Know your broker.

The lawyer who filed this was fired by his firm.

The Costa Mesa Police filed criminal charges against the lawyer who filed this..

Fuck you.

From: Douglas Le Grand [mailto:gemologist007 [at] yahoo.com]
Sent: Monday, October 17, 2011 3:50 PM
To: sales [at] ferraris-online.com; mark [at] ketchamimports.com
Subject: Your past is catching up with you.

TITLE

Fraud cases plague former Calif. Ferrari broker

PUB. DATE

May 1997

SOURCE

Automotive News;05/12/97, Vol. 71 Issue 5712, p27

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

Reports on the civil fraud lawsuits filed against former top Ferrari broker Michael Sheehan. Bankruptcy protection for Sheehan's Costa Mesa company European Auto Sales and Restoration Inc.; Financial damages claimed by car collectors after global Ferrari prices crashed in the early 1990s.

Douglas S. Le Grand

Mortgage Associate

Alliance Direct Home Mortgage

3131 Camino Del Rio North, Suite 900

San Diego, CA 92108

Phone: 619-327-2204 Fax: 619-327-2264

Email: dlegrand@alliancedirecthm.com

Website: www.alliancedirecthm.com

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Re: Horrible Crash in LV why has noone posted aboutthis?????, (continued)

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