ALERT: Police arrest Henri Zogaib, the Madoff of motorsports

HOME   |   LATEST NEWS   |   VEHICLE REVIEWS   |   RACING   |   SUBSCRIBE   |   CLASSIFIEDS Friday, February 12, 2010              Former race-car driver Henri Zogaib was arrested Feb. 12 in Central Florida on an organized fraud charge. He's shown here celebrating a Grand-Am win in 2008. Police arrest Henri Zogaib, the Madoff of motorsports By Steven Cole Smith | 02/13/10, 11:53 am et Former race-car driver Henri Zogaib, accused last July of involving fellow drivers, crewmen and team owners in a Ponzi scheme comparable to the one launched by New York financier Bernie Madoff, was finally arrested Feb. 12 in Central Florida on an organized fraud charge, Florida Department of Law Enforcement officials said Friday. Investigators believe that Zogaib--through his company, Executive Investment Group--took money from 19 investors with the promise of large returns. Instead, he used the money himself, in part to fund his racing efforts in the Grand-Am Rolex Sports Car Series. He is being held on $100,000 bail. Zogaib, 36, calls himself a “Florida-based entrepreneur” on his Facebook page, but past associates prefer other adjectives to describe him.... CLICK HERE TO UNSUBSCRIBE from the AutoWeek Daily Drive E-mail or to sign up for other AutoWeek e-mail products. IMPORTANT: Please add AutoWeek.com to your E-mail Address Book to ensure you will continue to receive our newsletters. Please DO NOT reply to this e-mail. You will not receive a reply if you use this e-mail address. Crain Communications, 1155 Gratiot Ave. Detroit, MI 48207.