Has Maserati Committed Fraud? - Maserati Alfieri Forum
 
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post #1 of 10 (permalink) Old 09-03-2015, 01:03 PM Thread Starter
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Has Maserati Committed Fraud?



Automotive News is reporting that Maserati North America has been accused of falsifying vehicle sales in the run up to their public offering.

Stuart Hayim, owner of Recovery Racing which operates several Maserati dealerships in New York, New Jersey and Florida, has filed a lawsuit against Maserati North America. Hayim claims that he was financially disadvantaged by Maserati for refusing to participate in the sham.

Maserati ordered dealers to mark their demonstrator test vehicles as sold in order to pad numbers prior to FCA's IPO.

Court documents indicate that Maserati NA CEO Peter Grady sent an email on September 23, 2014 detailing a new 'Ghibli Performance Bonus' that would apply to new Ghibli sales.

6 days later on the 29th of September another email from Regional Sales VP Rick Fuller ordered dealers to mark Ghibli demo units as sold, despite the fact that dealers hadn't even received their allocations yet. Dealers could earn up to $3,000 per vehicle for complying.

1 day later on the 30th of September, Fuller emailed dealers again, this time ordering them to mark GT, GT Cabrios and GT MC demos as sold. Worse still the email threatened to pull future incentives if dealers didn't comply.

The result was a 300% increase in vehicle sales in October of 2014, the same month FCA went public.

“Dealers were informed that they would receive full higher or additional incentives on each Ghibli when punched as a demonstrator vehicle and then when the vehicle was later sold to a retail customer. The Maserati dealers that complied with the fraudulent scheme obtained and operated at a substantial economic advantage over the Maserati dealers that did not,” the complaint said

Hayim did not participate in the program amid concerns he would be committing securities fraud.
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post #2 of 10 (permalink) Old 09-03-2015, 02:52 PM
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What became of the lawsuit or was it filed against Maserati this year?
Now I'm curious to know if this was only limited to Maserati North America or was it happening to all of America but it just wasn't reported.
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post #3 of 10 (permalink) Old 09-04-2015, 12:07 PM
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The lawsuit was just filed...He's suind Maserati NORTH AMERICA... thats it...



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post #4 of 10 (permalink) Old 09-05-2015, 06:20 PM
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Sucks that this has to happen if true, but I wouldn't be all too surprised, being a brand trying to get more volume, seems like desperation caught up to them. No patience.
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post #5 of 10 (permalink) Old 09-08-2015, 02:38 PM
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Let's hope that this doesn't affect the launch and production of the Maserati Alfieri. I've read that it's a $200 million lawsuit but I'm not quite sure if it's substantial enough to delay the development of the Alfieri.
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post #6 of 10 (permalink) Old 09-10-2015, 10:47 AM
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Probably not...

But really who cares about the **** car... FCA may be potentially guilty of manipulating the stock market...

I guess I should have priorities...



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post #7 of 10 (permalink) Old 09-10-2015, 03:38 PM
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Oddly enough the FCA stock doesn't seem to be dropping all that much in light of this lawsuit.
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post #8 of 10 (permalink) Old 09-20-2015, 04:46 PM
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Never good to hear stories like this, but ultimately I don't care that much since it doesn't really affect me as a customer. It hasn't been in the news too much, so FCA seems to have done good PR with this keeping it quiet.



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post #9 of 10 (permalink) Old 09-21-2015, 05:54 PM
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Quote:
Originally Posted by Neptune View Post
Never good to hear stories like this, but ultimately I don't care that much since it doesn't really affect me as a customer. It hasn't been in the news too much, so FCA seems to have done good PR with this keeping it quiet.
You don't think that a company comfortable manipulating the stock market is comfortable making other nefarious decisions when it comes to selling you a product?

If they think they can game the regulators what chance do you stand as a lone consumer?



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post #10 of 10 (permalink) Old 09-21-2015, 07:23 PM
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Winwood has a good point and when it comes to what the consumer has to deal with it in the automotive industry it seems like we're always the last thing on their to do list, not often a priority.
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