Former U.S. Congressman Mark Foley says he’s been ripped off by one of South Florida’s highest-profile exotic car dealers in what he claims is a pyramid scheme a la Bernie Madoff.
The Republican ex-congressman, who represented a Palm Beach to Fort Pierce district for five terms before he resigned his seat after sexting with an underage male former congressional page, is among dozens of expensive-car owners who may have been taken for a ride by the owner of a bankrupt car dealership that specializes in used Rolls-Royces, Bentleys, Aston Martins, Ferraris and other exotic wheels.
And the West Palm Beach-based Chariots of Palm Beach, according to federal court papers, could leave investors, banks and buyers as much as $50 million in the hole.
“We’re not dealing with billions like Bernie Madoff,” Foley said, referring to the former Wall Street investor now serving 150 years in a federal penitentiary after bilking investors out of $13 billion. “But I am the victim of a classic pyramid scheme.”
Until it closed recently, Chariots of Palm Beach was a fancy consignment store where multi-millionaires dropped off cars they no longer wanted. The dealership then tried to sell those cars for a commission.
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