De Tomaso Chairman Arrested for Misuse of $9.2 Million in Public Funds

The De Tomaso'sDe TomasoItaly, 1959 > present10 models
36 photos
bankruptcy has just gotten a lot more interesting. The company's chairman Gian Mario Rossignolo and two other employees have been arrested by Italian tax police on Thursday for misuse of €7.5 million ($9.2 million) in public funds. Rossignolo is under house arrest while the investigation proceeds. 

Rossignolo was given the funds to upgrade the former PininfarinaPininfarinaItaly, 1930 > present17 models
109 photos
1 video
factory that he bought in 2011 to build modern De Tomasos. Rossignolo purchased De Tomaso in 2009 after is went into bankruptcy in 2004. 

Italian tax authorities began investigating Rossignolo earlier this year to investigate how the public money was being spent. De Tomaso filed for bankruptcy on July 10. 

Police allege that Rossignolo and the two other men used a fake bank guarantee to get money from the Piedmontese government and European Union, and a portion of the money went to their bank account. Piedmont asked for its €5 million back in May.

Rossignolo worked at FiatFiatItaly, 1899 > present159 models
4864 photos
35 videos
for 22 years as a marketing executive and was CEO of LanciaLanciaItaly, 1906 > present60 models
773 photos
4 videos
from 1977 to 1979.

De Tomaso Files for Bankruptcy

3 comments

Source: Automotive News Europe