Italian man busted for $3.69M tax evasion

BERGAMO, Italy, July 6 (UPI) -- Italian authorities said a racing boat driver who drives a Ferrari was arrested on allegations he evaded paying $3.69 million in taxes over four years.

The Finance Police said the Bergamo man, whose name was not released, did not declare any income when filing his taxes for several years, the Italian news agency ANSA reported Friday.

"The investigation led to the discovery that the man was the administrator and legal representative of various businesses that, for the tax years of 2007, 2008, 2009 and 2010, declared high costs and little revenue to evade about three million euros ($3.69 million)," Finance Police said in a statement. "And it emerged that he, despite the heady lifestyle he conducted in the period, did not declare any income to the tax authorities."

Investigators said the probe began when authorities noticed a Ferrari F131 driving around Bergamo and traced it to an owner who had not declared any income, despite also having leasing agreements for a Hummer and a luxury Dodge.