Latest Posts
Home > Debt Articles > NASCAR Ponzi Scam Nabs Drivers

NASCAR Ponzi Scam Nabs Drivers

“Basically, the Ponzi scheme made investors believe that they could get them a guaranteed return on their investment up to 40.8 percent and they got them to invest their money and then used their money for their own personal gain. Our investigation is still in the process of collecting evidence and sorting through the different computers and everything else we found,” FDLE agent Wayne Ivey said.

Ivey said Grand Am driver Henri Zogaib and Ormond Beach businessman Paul Bellanca worked together to convince clients to invest in iron and ore products through their two companies. Zogaib was able to gain credibility with NASCAR officials through his association with Grand Am racers and teams, the FDLE said.

No charges have been filed in the case and it may take weeks for any to be filed.

NASCAR drivers were victimized as well as a top-ranking NASCAR official and a retired police officer Ivey said.

Authorities said the former officer invested his entire life savings of $500,000 and lost it all.



Get Out of Debt Guy – Twitter, G+, Facebook

Need More Help?
Choice3Get Out of Debt Guy – Twitter, G+, Facebook

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.