[quote author="Daedalus" date=1231952912]<a href="http://ocbiz.freedomblogging.com/2009/01/13/vw-accuses-lamborghini-oc-of-12-million-theft/8100/">A year ago this would have seemed really wild.</a>
<blockquote>Lamborghini Orange County, formerly the world?s largest dealer of the Italian luxury vehicles that sell from upwards of $200,000 apiece, closed in November without explanation. Now court documents indicate what happened.
The owners of Lamborghini Orange County in Santa Ana committed ?outright theft? of approximately $12 million by selling its fleet of exotic sports cars at deep discounts and failing to pay their creditor, according to a lawsuit filed by Volkswagen Credit Inc. in Orange County Superior Court.
The lawsuit says the owners of the Orange County dealership and its affiliate in Calabasas unloaded 54 cars in eight days ? accounting for 8 percent of all the Lamborghinis sold in the United States during all of 2008.
The lawsuit says VW Credit, which covered the cost of Lamborghini O.C.?s cars in advance of sale, doesn?t know where the proceeds went. But it didn?t get the money.
The owners of the dealerships named in the suit are Vik Keuylian and his sisters Asdghig, Nora and Sossi Keuylian. Their attorney, Jeffrey Gubernick, declined to comment on the allegations, because the case is still under litigation.
Gubernick has filed a motion to strike VW Credit?s demand for punitive damages, but still not responded to the general allegations in the lawsuit. A hearing is scheduled for Jan. 22.
The Keuylians attracted a celebrity list of customers, including NBA stars Kobe Bryant and Dennis Rodman. They staged fundraisers hosted by Elton John and Sharon Stone to support research to fight AIDS.
VW Credit provided financing for Lamborghini Orange County and its sister dealer in Calabasas to finance the cars. Volkswagen owns Lamborghini.
In a separate suit filed in Orange County Superior Court, East-West Bank is suing the Keuylians and Lamborghini Orange County for defaulting on a $3 million loan, for which they failed make payments in November and December.
Another lawsuit filed in Las Vegas seeks $340,000 from Vik Keuylian for failing to pay him for a 2008 Lamborghini Murcielago formerly owned by Stephen Cloobeck, owner of Diamond Resorts.
?They took the car but never gave me the check,? Cloobeck said.
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Lamborghini Orange County Owner Pleads Guilty to Fraud Charge
By Michael Lyster
ORANGE COUNTY BUSINESS JOURNAL STAFF
One of the owners of Lamborghini Orange County, which abruptly closed in November, has agreed to plead guilty to charges he defrauded the finance arm of Volkswagan AG, owner of the Italian sports car maker.
Viken Keuylian has agreed to plead guilty to one count of wire fraud, according to the U.S. Attorney's Office in Santa Ana.
Federal prosecutors allege Keuylian deceived Volkswagen Credit Inc. by misusing $12 million in financing from the company.
Keuylian borrowed money from Volkswagan to acquire Lamborghinis and other luxury cars, according to prosecutors. As the cars sold, he was obligated to pay the money back.
Prosecutors allege Keuylian deceived Volkswagan into believing some sold cars remained on his lots. Financing then was used to pay Keuylian's other business debts, including those associated with a vineyard, a commercial building on Pacific Coast Highway in Newport Beach and his Lotus dealership in Beverly Hills, according to the U.S. Attorney's Office.
Keuylian?s plea deal still has to be signed off on by a judge. He?s set to appear on Monday in U.S. District Court in Santa Ana.
Keuylian was general manager of Lamborghini Orange County. He ran the dealership with sisters Nora, Astrid and Sossi Keuylian.
Prior to opening the dealership, Vik Keuylian was the U.S. distributor for Lamborghini. He tripled Lamborghini?s U.S. sales, Nora Keuylian said in a 2005 Business Journal interview.
There was even a Momo edition color named after him?Rosso Vik, a shade of red.
