DETROIT -- A Michigan man accused of running a $53 million Ponzi scheme says he needs his Ferrari to use as collateral while he tries to defend himself against fraud allegations.
John Bravata is asking a federal judge in Detroit to release the 1995 car from a freeze on assets. In a court filing this week, he says the $90,000 Ferrari could be used as collateral for loans to help him pay legal bills and other expenses.
Bravata's assets have been tied up since July 27, a day after the Securities and Exchange Commission filed a lawsuit accusing him and a partner of a fraudulent investment scheme through their two Southfield-based firms.
Bravata, of Brighton, denies the allegations.
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