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It has been shown in the court documents that this guy's scams date back to at least 2 years ago. And that the fictitious company he used to accomplish this was registered in 2010.
This was going on before the owner died.
My guess: Owner discovered the scam, told him to cut it out. He killed him, amassed $2.5 Mil in deposits in phoney account, wired money to Cyprus then split back to India.
translation, we filed a claim with our insurer and they have not confirmed converage yet and if we admit liability we jeopardize our insurance coverage, but we want to make it clear that we are not going to leave people hanging (because that would be bad for us) and this is the best language our lawyer would approve.
It's a PR fluff piece. What would you expect them to say? We have no intention of helping the victims?
Of course it's "their intent" ...
Until the money has been fully refunded, that's when the curtain can close. If fully won't be settled until Shiraaz is brought to justice.
translation, we filed a claim with our insurer and they have not confirmed converage yet and if we admit liability we jeopardize our insurance coverage, but we want to make it clear that we are not going to leave people hanging (because that would be bad for us) and this is the best language our lawyer would approve.
Freudian slip? The word choice should have been "ensure," and I don't believe they have coverage for the full $2.5M, which might understate the total theft.
So 10 days go by since they supposedly found out, but won't take victims calls and come up with a fluff PR memo the day the media gets on it?? Very predictable.
It's a PR fluff piece. What would you expect them to say? We have no intention of helping the victims?
Of course it's "their intent" ...
I deal with this stuff everyday (just change the m to a b after the amount) and this is about exactly what I expected them to say. As I noted, they can’t admit liability without jeopardizing their insurance coverage (along with creating other issues), but if they intended to stiff arm everyone and not pay, this is not the PR piece they would release.
Frankly, a $2.5m loss in a situation like this is a win. They have way bigger problems from the dealer license and franchise agreement to civil penalties and tax issues etc. If I were managing it for them, I would have called everyone scammed offer to repay (or find another car) in exchange for an NDA and tried to keep a lid on it long enough to get a handle of the situation and my PR would have been it has been resolved and taken care of. Given that they have known since sept 4, that’s probably similar to what they tried to do.
So all the victims should think about this. Champion has had deposits for months or even possibly a year or longer. During that time, the victims thought their getting the beloved GT car they’ve read about and dreamed of, from the #1 dealer in the US. The noble folks at Champion now realize what a horrible mess this is and they agree the victims deserve their money back. Are you kidding me!!! So all the Porsche freaks that eat sleep and S### Porsche loss out on all the months researching to actually look for the car they wanted...because they thought their getting it. Unbelievable! This is insulting. These folks need to attend marketing 101 class to learn how to deal with the customer. I’ve been on the phone all day looking for a GT3 or an RS. Every person I’ve talked to sadly tells me there’ll all spoken for. I’ve missed the boat! Thanks allot.
Dfoster is one of the best guys I’ve met on this forum and I’m greatful he posted this thread. I really hope he gets a car because like many here he’s put a bunch of time and effort into his quest for a GT car and it makes me sick to think he would be left out in the end. Thanks for posting Derick I got my fingers crossed for you bro!
Perhaps we can keep the following in mind for the thread:
1. The only way Porsche can avoid dealer ADM is by producing enough GT cars for everyone. But, perhaps they cannot since the factory has limited capacity.
2. Let's be patient. It has only been a few days since the news broke out publicly. It takes time for Champion to issue a general statement. Did anyone really expect specific details and timeline for resolution at this point?
3. I feel really bad for all those affected who are innocent.
Guess they realized their reputation is worth more than $2.5 million. Good on them.
Originally Posted by STG
So 10 days go by since they supposedly found out, but won't take victims calls and come up with a fluff PR memo the day the media gets on it?? Very predictable.
Originally Posted by promocop
Actually, I thought they handled that well. WE shall see
It took them a week and a half to come up with that limp announcement?
Fück Champion; can’t wait to ask LOTS of questions at Rennsport.
Looks like GT3 production will be increased by about 20 cars to cover these people who put down money. Porsche will make sure they get new cars of their choice to alleviate that pressure on a valued #1 dealer.
There must be a paper trail on how much each person put down and Champion simply takes the hit.
Next year at this time, dealer after an ongoing we are good guys campaign remains Number 1 dealer and Porsche keeps the sales volume through this dealer.
Porsche only cares about how many cars they sell dealers not the end consumer that owns the car in the end...
I know exactly what accounting controls are, I work with SOX controls every day. That said there are ways around them, especially from how this sounds. If the monies never even touch the dealership their controls can be kept out of play, so it wouldn't matter that you may have two people review the contracts and deposits. Shiraaz was controlling that part of the process and you can easily keep the client quiet by saying they won't see the mark-up and that part of the deposit on the contract because he's doing you a solid to save you sales tax. This didn't fall apart until he started taking more deposits than he had cars for. He was greedy before, but he controlled the situation and people got their cars. Now he got super greedy and it blew up. I can see many ways to circumvent the controls that should be in place. Now that said they were probably just basic controls that got circumvented in different ways. I have seen controls where I work take time to catch someone doing something wrong so there are ways. And the controls could be in place but not be fully utilized (which is a huge problem). They obviously need to implement stronger controls, I will agree with you there, but in this situation that's a day late and a dollar short. It's easy to look at a situation like this and say what should have been done. I can see many ways this fraud can succeed for a while. It wouldn't surprise me if the amounts he embezzled end up being over $10M.
09-14-2018, 08:04 PM
