Another racing con man heading to jail

"Just wear your damn mask..." (jimal) 12/16/2013 at 15:37 • Filed to: Ponzilopnik

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http://www.autoweek.com/article/201312…

One-time Grand Am driver Henri Zogaib will be spending the next 4-30 years in the federal pokey for his role in a Ponzi scheme that counted several drivers as his victims.

Racing makes people do stupid things.

Converse > Just wear your damn mask... 12/16/2013 at 16:01

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I'm glad Zogaib's trial is moving along and is getting closer to the day he doesn't have the chance to breathe fresh air shared with normal human beings.

On the same note, I still haven't heard if Greg Loles was actually sentenced.

Just wear your damn mask... > Converse 12/16/2013 at 16:18

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No trial for Zogaib. He pleaded guilty and is awaiting sentencing. I could have sworn that Loles was sentenced a while ago, but I'm finding nothing.

Converse > Just wear your damn mask... 12/16/2013 at 16:20

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He was scheduled to be sentenced in February this year. With it being the 5th delay in his case, I'm not assuming anything until I see it.

Just wear your damn mask... > Converse 12/16/2013 at 16:22

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From what I've been reading he has at least been in jail all this time. Which of course means that he'll be credited with the time served.

Converse > Just wear your damn mask... 12/16/2013 at 16:26

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Sadly you're right. The guy hurt a lot of people and stole from a lot of people in racing. Hopefully he will stay in prison for a while. When he gets out he will undoubtedly go back to his old ways in a new place and new niche.

Some of the people in Loles case did not invest money with him and he still stole money from them. For example, he sold a customer's car without their approval for less than the agreed upon amount and the customer never saw the money.

bluesngreens > Just wear your damn mask... 02/02/2014 at 16:15

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Seems like a lot of speculation about Henri and this case and what and why things have happened as they have.
Does anyone commenting have actual facts or is it all just conclusions?

Just wear your damn mask... > bluesngreens 02/02/2014 at 17:18

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Is there anything mentioned in this thread that isn't part of the public record, in other words, factual?

Just wear your damn mask... > bluesngreens 02/02/2014 at 17:18

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Is there anything mentioned in this thread that isn't part of the public record, in other words, factual?

bluesngreens > Just wear your damn mask... 02/02/2014 at 18:30

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Perhaps I'm not as informed as you regarding the public record. He's "been in jail all this time", I didn't know that. By the way, what crime was he proven guilty of?

Just wear your damn mask... > bluesngreens 02/02/2014 at 18:41

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The whole point of providing a link to the article is so that people can read the article for themselves before making comments. I don't feel the need to give you the Cliff's Notes version.

bluesngreens > Just wear your damn mask... 02/03/2014 at 08:42

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Yeah I can read.. still I don't see that any prosecutor proved anything, nor do I find in public record they did. I'm not sure a Cliff's Notes version is possible based on facts around the case, to me it seems the couple dozen links I have found about this whole ordeal is a couple guys claim that their money was fraudulently taken. I just haven't read that this claim has been proven. A lot of people lost in the crisis years around 2008 and 2009, was everyone involved in hedge funds, concluded to be guilty of stealing money? Did some get made an example of.. seems yes.
This article and your posts/comments so far have not been enlightening about these points. Henri seems to have experienced bad luck in my opinion

Just wear your damn mask... > bluesngreens 02/03/2014 at 09:15

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Are you in some way involved with Henri by any chance? Because your comments are those of someone who is either an acquaintance of Zogaib's or just like arguing on the internet because none of your point you are attempting me to address are relevant in this case.

From the February 12, 2010 AutoWeek article:

"Investigators believe that Zogaib—through his company, Executive Investment Group—took money from 19 investors with the promise of large returns. Instead, he used the money himself, in part to fund his racing efforts in the Grand-Am Rolex Sports Car Series."

"Law enforcement officials suggest Zogaib's investment claims—which had him convincing investors that he was the close friend of an iron ore magnate that would help him make a quick 38-percent return on investors' money—cost his customers at least $5 million."

The evidence isn't of a hedge fund manager who made bad decisions. The evidence is of a con man who preyed on the greed of the people around him with promises of making a quick buck.

And it seems that the prosecution proved its case enough that rather than go to trial, Zogaib plead guilty to a first-degree felony regarding white-collar crime. Normally a condition of such guilty pleas to be accepted by the court is to admit to your guilt, unless you're entering a plea under the Alford Doctorine, where the defendant asserts his innocence, but admits that the prosecution has enough evidence to persuade a judge or jury of the defendant's guilt. I have seen nothing to indicate that this is the case, so I'm going to draw the reasonable conclusion that Zogaib knows he did he committed the crime he was accused of.

tl;dr, I should have just dismissed your comment.

bluesngreens > Just wear your damn mask... 02/03/2014 at 09:53

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Yes I am an acquaintance and one who is still not convinced of the conclusions being drawn.
I've read your quotes and your assessments and conclusions as well. He was "believed" to have done this and officials "suggest" that he did that... but it seems we don't have any facts about the case.
I'm not aware of the Alford Doctorine, nor am I aware of the motives Henri chose to take a guilty plea at the time. My intent isn't simply to "argue" with you on the internet. But when I do a search of him online all I get is articles like this and they aren't that revealing to me, in my opinion. Just the same few racers or race fans that call Henri some kind of Madoff scumbag and I'm not sure there's enough evidence to warrant such slander. Does that make sense?
You said it best "so I'm going to draw the reasonable conclusion"... and that's just what I believe most of this is, it's peoples conclusions and not facts, therefore until there is a trial he hasn't and couldn't be held in jail because he hasn't been proven guilty of any punishable crime that warrants jail time.
Again, not seeking to argue, just trying to understand why everyone has/is sentencing him of something that they've only been able to conclude.
I'm glad to have read your last post, that helped a lot.

Just wear your damn mask... > bluesngreens 02/03/2014 at 10:21

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That is what I figured. Unless you were personally aware of what someone you know was doing it can be difficult to accept that they were doing it.The reason words like "believed" and "suggest" are used by the media is because there is a presumption of innocence until proven guilty. Dzhokhar Tsarnaev is still referred to as the "alleged Boston Marathon bomber" because although they have all the evidence they need to convict him and everyone knows he and his brother planted those bombs, and no one is denying they did it, he hasn't been convicted in a court of law, nor has he plead guilty to any crime.

They very definition of submitting a guilty plea is that you're admitting guilt, typically to a lesser crime than you were charged. Either way, once that occurs there is nothing slanderous about these article or mine or anyone's comments here.

I get your point of view though. I recently found out that someone I knew from college was not just accused, but convicted of doing something infinitely more heinous that bilking some investors out of a large amount of money. It is hard to fathom that someone I knew did what he was convicted of, but sooner or later you have to accept the fact that he did it.

bluesngreens > Just wear your damn mask... 02/03/2014 at 11:18

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Right, I get your point, I guess we'll see what Henri's fate really is here later this month.

informedparty2014 > Just wear your damn mask... 02/27/2014 at 12:51

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For the two people who are questioning Henri Zogaib's guilt on this page...let me answer your question beyond a shadow of a doubt. I know him personally. I know the people he robbed personally and I know his family personally-and unfortunately they are one in the same. The horrific crimes this man has committed can not even be explained except to say he is psychopath. He has absolutely no remorse for anything he has ever done. I will give you some brief cliff note as a hint of what has be done that 100% completely factual and frankly I don't care if you believe me-I am only telling you because if you do know him..this should serve as a one time warning to you. Henri was married to a very nice woman named Jenni. They had 2 children. He told Jenni not to tell anyone they had children because it wasn't "safe". That was so his girlfriend Amanda wouldn't find out. When she did, he swore his wife stole his sperm. His dumbass girlfriend believed him. Meanwhile as part of his Ponzi he stole his girlfriends father-in-laws (who was a state trooper) 401k and promised him a 42% return because he knew some mittal fellow from boarding school in switzerland-he NEVER went to boarding school (he went to catholic school in war torn Lebanon-his mom told me personally-they were dirt poor) Not only did he rob him of his 401 k...he convinced him to resign from his job 8 months shy of a full pension for a job that didn't exist. Then you have Henri's uncle that bought a car from him. A 100k Mercedes that wired him the funds...the car was shipped...imagine his surprise when it was repossessed the next month because Henri stole the money and didn't pay for the car. Imagine Henri taking money from his uncle and aunts for investments he never made...hundreds of thousands of dollars to fund his racing team. Henri's game was he thought he could make enough money off orher peoples money to fund his lifestyle and never get caught. He is very cunning and smart. His own mother will tell you he needs severe mental help as will any member of his family. PLEASE BEWARE!!!!!!!!!!!!!!

Just wear your damn mask... > Converse 02/27/2014 at 13:17

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Per the post on Jalopnik this morning, Loles is going down for a hard 25.

informedparty2014 > Just wear your damn mask... 02/27/2014 at 19:30

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I see you didn't publish my response. That's fine. I hope as his acquaintance you were there today to witness him receive his 15 year prison term and hear those people he robbed, including his own family members. He is a true sociopath and truly deserved exactly what he got today. I speak for those who have known him most of his life...we could not be more relieved!!!

Just wear your damn mask... > informedparty2014 02/27/2014 at 19:31

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I didn't realize you were grayed out. I've Recommended your post but I don't have the level of access to much else.

beachesngreens > informedparty2014 08/11/2015 at 11:16

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Informed party... you sound more like his disgruntled cousin. The one that’s half baked all the time but pretends to be a business man. How’s your hotel going by the way?
Or wait, maybe this is the ex wife Jenni in disguise..?
Psycopath? Well, the story about his kids and wife saying to keep it a secret is laughable. I have known Henri most of my life and the fact is he just never had anything for Jenni, she was just a bartender is his Uncle’s (may Charlie rest in peace) night club. She became and is anything at all today because of Henri’s well doing for her.
Amanda is no dumbass, and she’s not visiting him in prison. That’s 100% not true. Stole her fathers money and 401K... say what?
His mother told you they were dirt poor? really? Your whole reply is comical.
The only facts are Henri plead. He’s sitting in prison now. He is very smart.
The rest of your reply to try and set the record straight etc., is just hot air.
You still bitter? Its okay, you’ll get over it soon enough