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Ex-Gizmondo exec's bail set at $7.5M, considered flight risk
Last week, former Gizmondo executive officer Stefan Eriksson was jailed and held without bail. According to Deputy DA Tamara Hall, bail has now been set at $7.5 million. In other words, Eriksson ain't goin' nowhere. A judge has scheduled a bail review hearing for April 24.Eriksson has pleaded 'not guilty' to charges of embezzlement, grand theft, and possession of a gun by a felon. If convicted, he faces up to 14 years in prison. Eriksson also continues to dispute two misdemeanor counts of drunk driving associated with the now infamous Ferrari crash.
Stefan Eriksson charged with multiple counts
Guess whose favorite scandal-ridden carousing ex-gangster party animal Los Angelean Swede just got charged with felony counts of embezzlement, grand theft auto, driving under the influence, and illegal possession of a firearm by felon? You got it, Stefan Eriksson. who supposedly faces 14 years in prison, if found guilty. What, you didn't think someone this shady was going to go about his business forever more without further question after that fateful evening last February, did you? Oh, and FYI, the handsome, mysterious Dietrich -- the man accused by Eriksson of driving the $1m Enzo into the pole at 160mph -- continues to evade capture, despite prosecuters' claims he does not exist. We have just received word, however, that he was spotted late last week attempting to cross the Canadian border in a Groucho Marx disguise and Ferrari PowerWheels.[Thanks, Alex B]Update: Apparentl Eriksson pleaded not guilty and was held on $5.5m bail. Yo, dudes at Xero Mobile, you wanna help a brother out? Thanks, Freddy.
Watch out: Xero merges, now a publicly traded company
Well wouldn't you know it, the same people behind Gizmondo who're now behind Xero Mobile (those that aren't in jail, anyway) have found a way to bypass an IPO in getting Xero as a publicly traded company. Basically they merged with Desi TV, a publicly traded company (that couldn't dig up even a little info on), swapped the ticker symbol to XRMB, and started trading on the Over-The-Counter Bulletin Board securities market. Oh, did we mention the first thing they did with their stock was split it 25-to-1? 25 to freaking 1, man! Peter Lilley, CEO of Xero Mobile (and former head of Gizmondo's Smart Adds division) seemed pretty stoked about "implementing [their] ground-breaking business plan." Uh, would that be the same business plan that sunk his former game company and lost a half a billion dollars? Right, dude. Investors beware; remember those who learned a hard lesson about that fateful UK-based game company that seemed eager to cash in on VCs and work a pump n' dump stock scam on all y'all.
Ex-Gizmondo exec arrested, faces grand theft charges
Former Gizmondo executive officer Stefan Eriksson has been arrested on grand theft charges and is being held without bail. Authorities allege that Eriksson doesn't own the Ferrari that was totaled in February and two other exotic cars, including the Mercedes that was confiscated last month and a second Ferrari that has also been seized. Eriksson has been charged for failing to make payments on the three vehicles, worth a combined $3.5 million, which were imported from the UK. Immigration authorities are also investigating Eriksson's visa status. In addition, Eriksson could face additional charges related to the February crash. While Eriksson maintains he was not the driver, authorities continue to investigate the incident since evidence points to Eriksson driving the vehicle while intoxicated. Eriksson is also being investigated for fraud, as it appears he purchased the exotic cars in question as part of a failed business venture. British banks claim that Eriksson purchased the cars by using loans. He made a minimum first payment, promising to resell the cars at a higher price and pay back the loans. According to the banks, Eriksson has not made any additional payments. [Thanks to everyone that sent this in!]
Gizmondo chief finally arrested for being too shady
We shamelessly ripped this headline verbatim from the subject of reader Dave M's tip, because, well, it's just so perfect, isn't it? Specifically, former Tiger Telematics Europe executive and drunk driving enthusiast Stefan Eriksson was arrested at his Bel-Air residence on Saturday, booked on suspicion of grand theft, and is currently enjoying decidedly less-luxurious surroundings, as the Sheriff's Department is wisely holding the slippery Swede without bail. It's not immediately clear whether the theft charge is related to Eriksson's destruction of that million dollar Ferrari Enzo in February (pictured in cake, above), but since we'd already heard that a Scottish bank may be the rightful owners of the mangled supercar, we wouldn't be surprised if the former videogame exec is guilty of playing a little real life GTA along with his favorite DUI. Meanwhile, Eriksson's imaginary friend and supposed co-conspirator, "Dietrich," remains at large.[Thanks, Dave M]
Gizmondo exec's life continues to spiral into infamy
Former Gizmondo executive officer Stefan Eriksson has lost his second exotic car, a $400,000 2005 Mercedes-Benz SLR McLaren. Last month, Eriksson's $1 million Ferrari Enzo was totaled in a shady crash on Pacific Coast Highway in Malibu. This past Sunday, Beverly Hills police confiscated his Mercedes after the driver, Eriksson's wife, was discovered to be operating the vehicle without a license. In addition, police determined that the car was not registered in the US and, upon contacting Scotland Yard, confirmed that it could be stolen — an unidentified financial institution claims ownership of the Mercedes.Spyder Dobrofsky, a 13-year-old car enthusiast, captured the entirety of Sunday's incident on video.[Thanks, SickNic]
Welcome, one and all, to PS3 Fanboy!
Whether you're here because you saw the related post on Joystiq Central or because a link was flashed elsewhere online, we wish to warmly welcome you to PS3 Fanboy, the site that loves Sony's next console with all its heart (even if it ends up with that batarang prototype as a controller).For a few more details on the wild 'n' crazy guys responsible for bringing this site to you, check out our unofficial welcome post with its shameless bios and boastful claims.We couldn't be happier to join the Joystiq family of fanboy blogs (especially our dearest brother Gizmondo Fanboy), and we certainly hope you enjoy your stay here. Just six weeks till the E3 overload... are you all ready yet?
The Gizmondo Saga: Oh, what a tangled web...
Been trying to follow the Gizmondo Ferrari story but can't seem to keep the facts straight? Well we don't personally see how a simple little story about an illegally imported excusive Italian sportscar, a video game exec for handheld has been Gizmondo, the Swedish Uppsala mafia, Homeland Security, a mysterious ammunition clip, the Royal Bank of Scotland, and a transportation service for old people run out of an auto repair shop is the least bit confusing at all, but some of you apparently required some visual aids. Enter Game Revolution's fun-for-all-ages flow chart, the piece de resistance of their extensive Gizmondo coverage aptly called "Gizmondo Bizarro." It's only a matter of time before they turn this into a made-for-TV movie featuring Eric Roberts as Stefan Ericksson in what will be heralded as "a gripping performance." They'll call it Crash and Burn: The Real Life Story of the Gizmondo Saga.See also:Gizmondo exec's Ferrari, before and afterFormer Gizmondo exec. involved in Ferrari Enzo crash[Thanks, duke]
Gizmondo exec's Ferrari, before and after
Eurogamer managed to dig up some pics of Gizmondo exec Stefan Eriksson's Ferrari Enzo before it got split in half. Well, we should clarify that sentence. They managed to dig up pictures of the Ferrari that got totaled in addition to some pics of his other Ferrari. That's right folks, the dude's got two of em. GameSetWatch manages to track down a webpage devoted to the incident at the impressively niche-website, WreckedExotics.com, full of obsessive coverage of the whole thing, complete with pictures, videos, links, and a map. Don't worry, since no one was really hurt it's alright to laugh.
End of the line for Gizmondo Europe
We've followed the Gizmondo from the beginning, so it only seems right to see it through to its end. After filing for bankruptcy, Gizmondo UK has been ordered to liquidate by the High Court. As part of this, the liquidators will probably have to sell off the company's assets -- watch out, discount Gizmondos may be coming to market stalls near you.The company is still continuing operations in the US, but this is hardly going to imbue buyers with confidence. Despite Gizmondo's failure so far, other portable gaming companies are still trying to make it big, but will they find the market too impermeable? Or was the Gizmondo simply aiming for the wrong niche, with the wrong timing? It's not impossible for new handheld devices to succeed, but it may require a stronger brand to create a third player in the portable market.[via Engadget]
Tough times for Tiger Telematics; filing for bankruptcy in UK
The video game world has been rocked by the news that one of the true giants of the industry has filed for bankruptcy protection in the UK, their homeland. At least that's the way Tiger Telematics would prefer the headline to read; in fact it reads something closer to this: comically ugly video game console hemorrhages money, almost kills company.The bankruptcy filing surfaced today in an explanation to the SEC regarding plans for their US operations. While Gizmondo Europe "made a reduction in payroll of approximately 50% of monthly staff costs during the week prior to the court application," operations elsewhere continue unabated. "The action does not affect any other subsidiary of the Company including its United States operations and sales under Gizmondo USA Inc."Does this mean the tens of fans clamoring for the widescreen version will be disappointed?[Via Engadget]
FIFA 2005 cover athletes announced
It looks like Freddy Adu will have to wait for another year, EA has announced the newest athletes to appear on the cover of the latest FIFA installment. In North America, FIFA Soccer 2005 will feature Andriy Shevchenko, Fernando Morientes, and Oswaldo Sanchez. "I love EA SPORTS, especially the FIFA franchise," said Sanchez. Now that's a spokesman! FIFA hits stores next Tuesday, we'll have more coverage then.
FIFA 2005 demo scores GOOOOOOOAAAAAAAALLLLLLLLL
To celebrate the opening day of American football comes the FIFA 2005 demo, the premiere soccer video game. Okay, okay I'm being facetious. Weighing in at a mere 86 MB, the demo will let you play for six minutes with Arsenal vs. AC Milan in the Highbury Stadium. The marketing hype claims that every slight move of the controller will show up as human movement on the screen. Actually, if you watch the clips they may not be stretching the truth too much. Better yet, download the demo and play it yourself.
