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Texas man pleads guilty to fraud for crashing luxury car

White collar crime is considered very seriously here in Texas. Those who are accused of crimes such as money laundering or fraud might assume that the absence of any violence in connection with the crime means that a guilty verdict will not result in significant punishment. This is untrue and may have an ultimately negative effect on how a person proceeds with his or her case. One Texas man recently decided to plead guilty to fraud charges in connection with the destruction of a high-end luxury vehicle.

Authorities say that a few years ago, the man in this story bought a Bugatti Veyron for the price of $1 million. He apparently took out an insurance policy on the car that was worth over $2 million. Soon after the purchase, officials allege that the man ran the car into a bay, leaving the motor running and thereby ruining the engine beyond repair. He allegedly informed authorities that the incident was an accident and filed an insurance claim the day afterwards.

Unbeknownst to the man, a motorist came forward with a video recording that allegedly shows the man running the car into the bay intentionally. The man has recently pleaded guilty to charges of wire mail fraud. He could serve anywhere up to 20 years in prison when he is sentenced.

The circumstances in this particular case here in Texas are unusual, but the basic facts surrounding it remain the same. Those who are facing charges of fraud or for other white collar crimes have every right to present a thorough defense in court, despite any evidence that may exist. A person is presumed innocent unless and only if proven guilty. Entering a guilty plea is also within the accused person’s rights and could be a way of reducing a person’s potential punishment, depending upon all of the underlying facts and circumstances.

Source: ktre.com, “Lufkin man pleads guilty in federal court in connection to million-dollar car case“, Jeff Awtrey, Aug. 26, 2014