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Bravata: I Need My Ferrari as Collateral

Thursday, 13 Aug 2009 11:43 AM

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.

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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...
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2009-43-13
Thursday, 13 Aug 2009 11:43 AM
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