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Nov 1, 2006 6:11 pm US/Pacific

Closing Arguments Delivered In Ferrari Trial

LOS ANGELES (AP) ― Closing arguments are under way in the grand theft and fraud trial of a Swedish businessman suspected of wrecking a rare $1.5 million Ferrari in Malibu.

A prosecutor told jurors Wednesday that Bo Stefan Eriksson conducted a series of sham transactions to steal two other sports cars from British banks that loaned him the money to lease them.

Deputy DA Tamara Hall says Eriksson tried to hide the thefts through what appeared to be legitimate business deals.

Prosecutors say he stole a black Ferrari Enzo and a Mercedes-Benz SLR McLaren. He is not charged with attempting to steal the red Ferrari Enzo that hit a utility pole while traveling about 162 miles per hour on Pacific Coast Highway in February.

Eriksson pleaded no contest to drunk driving in that crash.

(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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