Car business owner and operator convicted of embezzling $200K

Orange County District Attorney Press Release

For Immediate Release, Case # 12CF3155: July 17, 2013

CAR BUSINESS OWNER SENTENCED FOR EMBEZZLING $200,000 IN PROCEEDS FROM CUSTOMER VEHICLES SOLD ON CONSIGNMENT

SANTA ANA – A car business owner and operator was convicted and sentenced today for embezzling $200,000 from the sale proceeds of rare and vintage vehicles sold on consignment. John Calicchio, 63, Costa Mesa, pleaded guilty to 14 counts of embezzlement by fiduciary of trust, two counts of diversion of funds, and four counts of money laundering with a sentencing enhancement for property loss over $200,000. Under the State sentencing law (AB 109), the court split the defendant’s sentence. Calicchio was sentenced to 16 months in jail, two years of mandatory supervision, and ordered to pay $177,000 restitution.

Calicchio owned and operated EuroMasters Classic Cars in Fountain Valley. Between June 2010 and October 2011, Calicchio entered into consignment agreements with customers to sell their vintage Porsche vehicles. He sold consignment vehicles in amounts ranging from $25,000 to $47,000 and diverted the proceeds of the sales to his personal and business accounts.

Calicchio defrauded victims who purchased and paid for their vehicles in full. The victims were unable to obtain legal titles for their vehicles because the owners holding titles were never paid for the consignment sales. Calicchio closed his business in October 2011 and filed for bankruptcy in an attempt to discharge the debts owed to the owners and purchasers of vehicles he sold on consignment.

The Fountain Valley Police Department investigated this case and arrested Calicchio on Oct. 30, 2012.

Deputy District Attorney Chuck Lawhorn of the White Collar Crime Team prosecuted this case.

###

Tony Rackauckas, District Attorney
401 Civic Center Drive West
Santa Ana, CA 92701

Contacts:

Susan Kang Schroeder
Chief of Staff
Office: 714-347-8408
Cell: 714-292-2718

Farrah Emami
Spokesperson
Office: 714-347-8405
Cell: 714-323-4486