Former VP of Champion Porsche Charged in $2.2 Million Fraud Scheme Involving Non-Existent Rare Porsche Models
A former VP of Sales for Copans Motorsports d/b/a Champion Porsche was indicted for scamming over 30 Champion Porsche customers.
Federal prosecutors charged Shiraaz Sookralli with mail fraud and wire fraud. They also charged him with conspiracy and money laundering.
The complaint states Sookralli opened a shell corporation in 2017. He used a name resembling Champion Porsche. Sookralli then opened a bank account in the shell corporation’s name.
Sookralli then entered into bogus sales orders with customers for the unauthorized sales of non-existent or future exotic Porsche 911 GT3s and 911 GT3 RSs. As a result, he required deposits from his victims in the form of wire transfers or cash. He later deposited into his shell company’s bank account.
The buyers relied on Sookralli’s longtime employment at Champion and his title as “Vice President of Marketing.”
Victims believed they would receive a yet-to-be-built Porsche vehicle. They also believed they were sending money to a legitimate bank. Champion Porsche did not authorize Sookralli to conduct these transactions.
The complaint also alleges that Sookralli received over $2,200,000 from approximately 30 customers. They never received the Porsche vehicles as agreed. Federal prosecutors also allege Sookralli used the money for extravagant expenditures including luxury vehicles, jewelry, nightclubs, and restaurants. Sookralli also funneled amounts in excess of $10,000 at a time from his shell company account to bank accounts he controlled.
After Champion Porsche uncovered Sookralli’s fraud scheme, it contacted his victims and began its cooperation with the criminal investigation. Champion also refunded all of Sookralli’s victims.