2006 Ferrari F430 Spider Convertible 2-door 4.3l on 2040-cars

Auto blog

Michigan man gets jail time for Ferrari engine sale

Tax evasion is not something to mess about with. Ask Al Capone. For most of us that sell stuff, though, it's not something we really think about. Are you honestly going to pay taxes on that old iPhone 5 you sold? The couch with the questionable stain? No, because paying tax on something you sold for a relative pittance is just a pain in the butt. If you sell one of Aurelio Lampredi's Ferrari engines – used in a range of vintage racers, including the 750 Monza shown above – for over $600,000, you might want to make a point of paying the taxes on your profits. A Michigan man found that out the hard way, Reuters reports, after selling the Lampredi engine in 2009. 71-year-old Terry Myr of Smiths Creek, MI, was convicted in April of tax evasion and four counts of failing to file a tax return and was sentenced to two years in prison and two years of supervised release on Thursday. He was also ordered to pay $738,904 in back taxes, interest, and penalties – he already owed $195,000 in back taxes before his conviction – by a US District Court judge, Reuters reports. Now, this wasn't a simple case of Myr forgetting to set some money aside from the sale. The buyer wire-transferred the $610,000 into a corporate account he made the week prior. Then, Myr promptly withdrew $360,000, which he used to buy silver and gold coins, while the remainder was transferred to other accounts – be they personal or corporate – or simply used for checks to cash. Hence the tax evasion charge. According to Reuters, no explanation was given as to how Uncle Sam uncovered the engine sale in the first place. Related Video:

Ferrari might bring back the Dino, says Sergio

Dino: It's one of the most evocative, though long-dormant nameplates in automotive history. Coined after Ferrari founder Enzo's son, the badge was on a series of smaller and more affordable mid-engined sports cars produced between 1968 and 1976. And now Ferrari's boss says it could come back on the rump of an all-new Ferrari/Dino model. "It's a when not an if," says Sergio Marchionne, chief executive of Fiat Chrysler Automobiles, majority owner of the Italian sports car maker. "We know that it [Dino] is an under-used resource, but that's why we need to get it right." He agrees that a Dino model could have around 500 horsepower, be smaller and lighter than the mid-engine, V8-powered 488, and could even have a V6 engine just like the original Dinos. Ferrari collaborated on the development of the V6 engine design for Maserati and forthcoming Alfa Romeo models. A future Dino-badged model could share the same mill. "The six-cylinder response has been positive," says the CEO. Just don't go thinking that such a car would be a cheaper Ferrari. Marchionne is adamant that a Dino would not be seen as, or indeed be, a budget Ferrari. But there is the possibility that Dino could be launched as a standalone brand, just as it was at one time in the Seventies. "You don't screw around with the interests of your customers," says Marchionne, admitting he hated the Porsche Boxster model because it was seen as a cheap Porsche. Dino was originally created to compete with Porsche's 911. Enzo reasoned that he didn't want to reduce the price of his more expensive models to compete with the more affordable German sports car. Ferrari could do good business in a lower-priced arena, but Marchionne is clear that he wouldn't chase sales at the expense of the brand. "I would never try to sell another 500 cars at the expense of the Ferrari name," he says. Related Video: Image Credit: Winfried Rothermel / AP Design/Style Ferrari Supercars Sergio Marchionne ferrari dino

Qatari sheikh flees US after speeding Ferrari [w/video]

A prominent Qatari national has reportedly fled the United States after a video ostensibly showing his Ferrari racing through the streets of Beverly Hills went viral. Although the exact identity of the driver remains unclear, it is believed that the yellow LaFerrari was owned by Sheikh Khalid bin Hamad Al-Thani, a member of the ruling family of Qatar, the country's former interior minister and a well-known racing enthusiast. The video below, which has already attracted some 1.5 million views (but contains language that may not be safe for the workplace), shows the yellow hybrid hypercar racing with reckless abandon against a white Porsche 991 GT3 through the swanky Los Angeles neighborhood. The Ferrari is shown scraping its chin spoiler on the road before pulling back into the driveway (alongside a black Bugatti Veyron) with smoke billowing out its engine bay. Neither of the European exotics appear to show much regard for traffic laws, running stop signs as they speed through a residential area. The Ferrari appears to be wearing Qatari plates, while the Porsche does not appear to be carrying plates at all - just some racing decals on the doors and hood. According to reports, the Ferrari belongs to Sheikh Khalid, but the identities of the drivers behind the wheel of either car has not been ascertained. The Al-Thanis are known for their supercar collection, which is shipped around the world for the enjoyment of royal family members. Their signature teal and black exotics are a regular site around London. The Beverly Hills Police Department confirmed that, when approach by officials, the driver claimed diplomatic immunity – which the driver may not actually have. "It is against a federal law for someone to claim diplomatic immunity when they don't have it," said police chief Dominick Rivetti. The Ferrari was not, according to reports, registered with the State Department as belonging to a credentialed diplomat. Al-Thani has since reportedly fled the country, and taken his cars with him. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: BBC, Effspot via YouTube Government/Legal Ferrari Porsche Supercars porsche 911 gt3 ferrari laferrari