Ferrari broker Michael Sheehan has informed Automotive News that an Associated Press story on Page 27 of the May 12 issue contained inaccuracies.
According to Sheehan:
He continues business as a Ferrari broker.
While the Costa Mesa, Calif., police did execute a search warrant at his home, the Costa Mesa police later advised Sheehan in writing that the department had dismissed criminal complaints against him that were the basis of that warrant. The department apologized to Sheehan for the search.
In addition, Sheehan requests that the following be clarified:
The article reported that a Bankruptcy Court trustee for Sheehan's business, European Auto Sales and Restoration Inc., had claimed that Sheehan laundered funds before the bankruptcy. The AP article reported Sheehan's denial of that charge. Subsequently, the trustee's counsel has informed Sheehan's attorney that the trustee made no statements that could be construed as allegations of money laundering.
Sheehan has requested that the court set aside the settlement reported in the AP story.