Ferrari speeding accident leads to arrest

LOS ANGELES, April 10 (UPI) -- Los Angeles authorities say a wrecked Ferrari Enzo and other vehicles in a $3.5 million car collection did not belong to the man claiming to be its owner.

The Enzo, one of only 400 ever built, was believed to be doing 162 mph on the Pacific Coast Highway in Malibu when it smashed into a power pole in February, reports The Los Angeles Times.

Sheriff's deputies have arrested Stefan Eriksson, a Swedish video game executive, after raiding his gated Bel-Air estate last week. He faces grand theft charges, says the report. It was not clear if he was driving the Enzo at the time of its crash.

Authorities say the seized car collection included a rare Mercedes and a second, black Enzo, all owned by British financial institutions. They said the cars were purchased in Britain last year when the suspect lived there. Financial institutions that hold titles to the cars informed detectives that payments had lapsed, the report said.

Eriksson was being held without bail because the U.S. Immigration and Customs Enforcement has put a hold him for undisclosed reasons, says the report. He had been an executive with Gizmondo, a video game company now in bankruptcy proceedings.