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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:

A Ferrari Dino 308 GT4 retrospective, by Gear Patrol

When we think of desirable Ferraris from the 1970s, the choices are somewhat thin. Obviously, there was the 365 GTB/4, better known as the legendary Daytona, but that was initially a product of the 1960s. Really, aside from the arrival of the stylish 308, the 1970s weren't a strong decade for Ferrari.
As Ferrari the brand grows, though, even some of its less-desirable cars are becoming popular among enthusiasts. Considering that, we should begin hearing more mid-70s Ferrari love, such as that being espoused by Anthony Rimicci, for his Dino 308 GT4.
As the first mass-produced, mid-engined V8 Ferrari, the Dino-badged 308 GT4 can best be thought of as the earliest ancestor to the 458 Italia (other mid-engined Ferraris, like the 250LM and 288 GTO are more akin to the Enzo and LaFerrari). It was also the final car in the Dino line, while many of the vehicles were rebadged as Ferraris, following lackluster sales.

CA man accused of stealing same Ferrari twice

Cars get stolen all the time. It's an unfortunate reality, but a reality nonetheless. It's just unusual when the same guy steals the same car twice, but that's what apparently occurred recently in Fontana, CA.
That's where one Earnie Hooks was arrested late last month driving a black Ferrari 458 Spider. According to police, Hooks was intoxicated when he arrived at a roadside checkpoint, and when they ran the plates, they found the car was reported as stolen.
Hooks managed to evade police (not too hard to imagine given the car he was driving) and later abandoned the car, which was taken to the impound. Around 3 am the next morning, though, someone broke into the impound and stole the car... again. Hooks was found five days later in Studio City, still driving the stolen Ferrari. He was arrested and somehow still had the gall to plead not guilty to the charges of car theft and resisting arrest.