Stefan Eriksson, the former executive officer of the now bankrupt Gizmondo Europe, (who resigned, after the company found out he was convicted of financial fraud in the mid-90s) was involved in a high speed car crash which totalled a $1 million Ferrari Enzo. Police in the Los Angeles district of Malibu said in a statement that the car was owned by Mr. Eriksson, but that he was not driving.

According to the former exec. a German man called Dietrich--who fled the scene--was driving the car. That's convenient considering that Mr. Eriksson's blood-alcohol level was above the legal limit. The car, which was travelling at around 192km/h, mounted an embankment, became airborne and was sheared in two on collision with a pole. Apparently the car was taking part in a street race with a Mercedes SLR, a $677,500 car.


So when Mr. Eriksson claimed to have left Gizmondo to "pursue new entrepreneurial ventures", he meant to say that he'd be throwing away a third of the $3 million in salary and bonuses he earned from his time at Gizmondo by getting involved in the writing off of his one million dollar car.