EVLN(Minnesotan EV, X Bagged for 'Refrigerator on Wheels' investor scam)

[Bruce {EVangel} Parmenter <BruceDP@iname.com>]

EVLN(Minnesotan EV, X Bagged for 'Refrigerator on Wheels' investor scam)
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 --- {EVangel}
EV - Star-Tribune  Newspaper of the Twin Cities... (MSP) NEWS
Nevada man sentenced in electric-car scam // $3 million in restitution
ordered; half that amount came from Minnesotans  Margaret Zack; Staff
Writer 11/25/98 (Copyright 1998)

A man who invented an electric car and defrauded his investors claimed
at his sentencing Tuesday that a number of state and federal
organizations had worked to make sure his project was unsuccessful.

Edmond X. Ramirez, 63, of Las Vegas, was sentenced to 6 1/2 years in
prison by U.S. District Judge Michael Davis in Minneapolis.  Ramirez
also was ordered to pay more than $3 million in restitution.  About
$1.5 million of the money came from Minnesotans.

Federal prosecutor Lizabeth McKibben said Ramirez doesn't appear to
have many assets, save for the prototype of his car, which is now in
pieces and stored in an undisclosed location after being seized by the
FBI.

Ramirez was convicted last May of 12 counts of fraud and money
laundering for taking $1.54 million from investors from May to August
1993.

The money was to be used for an initial public offering of stock in a
company that was going to manufacture and sell the car in Willmar,
Minn. But officials think Ramirez spent the money on a lavish
lifestyle, including planes and homes.

The jury that found him guilty also determined that he should forfeit
his right to the car. At a Dec. 3 hearing, investors will be able to
testify about why they believe they deserve rights to the technology.

McKibben said some still think the car is viable. One believer is Joe
Beasy of Little Canada, who was among the first to help Ramirez seek
investors in Minnesota.

"I knew every electric car in the world. I have no doubt this would
have been the most fabulous electric car in the world," Beasy said in
an interview Tuesday. "He'd have been a billionaire if he'd done it
right."

He said the idea was simple: Turn a refrigerator on its side, put it
on wheels and make it look nice. The car would be sold for about
$15,000, would cost 2 cents a mile to run and would last about 20
years.

Beasy became involved with the electric car after meeting someone who
had seen it in California. He was so enthusiastic that he tried to woo
other investors, some of whom knew people in Willmar.

But after losing $25,000 and two years' worth of work, Beasy said he's
also lost interest: "I'm too beat up with it. I gave it my all, and I
can't give any more."

Ramirez steadfastly has denied that he did anything wrong during the
25 years he spent working on the car.

"In the beginning of the car development, it was always an item to be
attacked," he said in court. "Those people had an interest in seeing
the project not succeed and they came at me from every direction."

He claimed to have been beaten in public by security officers who
worked for auto manufacturers. The prosecutor said there was no
support for his conspiracy allegations.

"This man made a career of bilking people out of money," McKibben
contended. "He was a pimp. The car was his prostitute and he shopped
it around."

In sentencing Ramirez, the judge said there was nothing complicated
about his scheme - diverting other people's money for a lifestyle that
called for large amounts of cash.

"There must be potential in the car," Davis said. "So many people came
in. They saw their investment increasing in tremendous value. So many
people sophisticated about cars and investments took a chance. You
stole the money.." PHOTO
 ...
 http://www.startribune.com/  opinion@startribune.com
Copyright 1998, Star-Tribune Newspaper of the Twin Cities Mpls.-St.
Paul.  All rights reserved.  1-800-775-4344  FAX: 612-673-4359
425 Portland Av. S., Minneapolis, MN 55488 USA
 ---
____________{Statements may not be my Employer's}  BruceDP@iname.com
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