Southern California -- this just in

« Previous Post | L.A. NOW Home | Next Post »

O.C. man who sold vintage Porsches charged with grand theft

An Orange County businessman will be in court Thursday after being accused of embezzling the proceeds of the rare and vintage Porsches that he sold on consignment, prosecutors said.

John Calicchio, 63, was charged with 14 counts of embezzlement by fiduciary of trust, five counts of grand theft by false pretenses, two counts of diversion of funds and four counts of money laundering, according to a statement from the Orange County district attorney's office.

He is being held on $250,000 bail and must prove the money is from a legal and legitimate source before posting bond, according to the statement.

Calicchio could face a maximum sentence of 17 years in prison if convicted, prosecutors said.

Prosecutors said Calicchio, the owner and operator of EuroMasters Classic Cars in Fountain Valley, had consignment agreements with the owners of vintage Porsche vehicles between June 2010 and October 2011.

Prosecutors said he sold the cars at prices ranging from $25,000 to $47,000, and then diverted the sale proceeds to his personal and business accounts.

Prosecutors also accuse Calicchio of defrauding those who paid for the vehicle in full, because the buyers could not obtain legal titles for the cars because the owners holding the title were never paid in the sales.

Prosecutors said Calicchio, who was arrested Tuesday, closed his business a year ago and filed for bankruptcy in an attempt to discharge the debts owed to the owners and the purchasers of the vehicles.


L.A. City Atty. Trutanich gets reprieve after tough week

Conviction upheld for ejaculating in woman's water bottle

Sergio Romo wears 'I just look illegal' shirt at S.F. Giants parade

-- Rick Rojas

Comments () | Archives (0)


Recommended on Facebook


In Case You Missed It...


About L.A. Now
L.A. Now is the Los Angeles Times’ breaking news section for Southern California. It is produced by more than 80 reporters and editors in The Times’ Metro section, reporting from the paper’s downtown Los Angeles headquarters as well as bureaus in Costa Mesa, Long Beach, San Diego, San Francisco, Sacramento, Riverside, Ventura and West Los Angeles.
Have a story tip for L.A. Now?
Please send to newstips@latimes.com
Can I call someone with news?
Yes. The city desk number is (213) 237-7847.


Get Alerts on Your Mobile Phone

Sign me up for the following lists: