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Car Collection of Utah Ponzi Schemer Seized and Auctioned

by Holly Robinson December 24, 2009 1:00 PM
Federal investigators have seized the car collection of former Utah investment banker Jeffrey Mowen....

Mowen used more than $6 million of the money from his scheme to buy luxury and antique cars and motorbikes. He was storing almost 300 cars, trucks, and motorbikes in storage facilities scattered around Utah. Mowen's cars, which included several replicas (he had replicas of a 1967 Porsche Speedster, a 1931 Ford, a 1925 Ford Woody, a 1937 Ford Opera Limo, and a 2000 Lamborghini, among others), and here an there an odd classic, such as a 1969 Charger, a 1992 Acura NSX and a 1970 GTO Judge. Mowen was also storing a replica of the Harley Davidson motorcycle that Peter Fonda drove in the movie Easy Rider....Although Mowen bought his cars with money from an illegal Ponzi scheme, car collecting is not an unusual hobby. Most people, however, do not have space to store more than one or two cars at their home. There are quite a few storage facilities to choose from in Utah, including Extra Space's own branches. It is best to store cars in a drive-up garage space or drive-up interior space, which would offer protection from the elements and the weather. Extra Space recommends that car owners consider putting a cover over cars in storage. Most Extra Space facilities have car covers available. [More]