×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: john | bravata

Bravata: I Need My Ferrari as Collateral

Thursday, 13 August 2009 11:43 AM EDT

DETROIT -- A Michigan man accused of running a $53 million Ponzi scheme says he needs his Ferrari to use as collateral while he tries to defend himself against fraud allegations.

John Bravata is asking a federal judge in Detroit to release the 1995 car from a freeze on assets. In a court filing this week, he says the $90,000 Ferrari could be used as collateral for loans to help him pay legal bills and other expenses.

Bravata's assets have been tied up since July 27, a day after the Securities and Exchange Commission filed a lawsuit accusing him and a partner of a fraudulent investment scheme through their two Southfield-based firms.

Bravata, of Brighton, denies the allegations.

© 2022 Newsmax. All rights reserved.


FinanceNews
DETROIT -- A Michigan man accused of running a $53 million Ponzi scheme says he needs his Ferrari to use as collateral while he tries to defend himself against fraud allegations.John Bravata is asking a federal judge in Detroit to release the 1995 car from a freeze on...
john,bravata
118
2009-43-13
Thursday, 13 August 2009 11:43 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved