Please select your home edition
Edition
Marine Resource 2016

Italian yacht fraudster with many lives - where is he now?

by Lee Mylchreest on 9 Jul 2011
Giulio Lolli - is he in prison in Libya or has he escaped on ’his’ yacht again? .. .
For a while it was a very successful scam - movie material almost - and yacht purchasers in Italy didn't suspect that the yacht they had just bought had already been sold to several other purchasers before. But now yacht dealer Giulio Lolli, ex-President of Rimini Yachts, is in more trouble than he ever bargained for.

Using one of the yachts he had sold multiple times as a getaway machine he sailed to Libya, probably thinking they would be too busy with their own issues to worry about a runaway yacht fraudster. But he was wrong. Now, not only is he wanted for mega-fraud in Italy, but he is reputed to be languishing in a Libyan jail, arrested for drug trafficking and alcohol possession on arrival. His future in a Tripoli prison doesn't look good according to reports in the Italian press.

Unlike it would be portrayed in the movie, it didn't all happen last week. According to Pelagos industry news, Lolli, 45, has been on the run since May 2010 following an order from Italian courts for his arrest. He is believed to be the mastermind behind a ‘mega-fraud’ reportedly worth tens of millions of euros, which saw the same yachts being sold several times over to different clients. Up to 10 other people are implicated in the fraud, including local tax officials.

When Lolli arrived in Libya aboard his yacht, his luck, already under siege, had a further blow. The yacht was searched by Libyan authorities and found to be carrying cocaine and strong alcohol, both forbidden in the country. Upon Lolli’s incarceration Libyan authorities informed the ex-president of Rimini Yacht of the international arrest warrant issued for him by Italian magistrates and an extradition procedure was started.

Prior to the outbreak of the recent conflicts in Libya, Lolli declared that he was opposed to his extradition, as he would. Italian diplomats have since left Libya's capital Tripoli for security reasons, making pursuance of the extradition order and contact with Lolli difficult. Internet sources report that in the past month there have been outbreaks of violence and escapes at Al-Jadida jail in Tripoli, where Lolli is known to have been held since mid-January. Did he escape as well? No-one knows.

In addition to the charges he faces in Italy, Lolli also risks a long jail term in Libya not only for the drugs and alcohol found on his yacht, but also for the false documents he presented to Libyan authorities upon his arrival in the country.

Now the yachts which had been sold multiple times have been returned to their first buyer, leaving the intermediary buyers with, well, nothing. The yachts had been impounded in Italy while the investigations took place into the now bankrupt Rimini Yacht company. According to Italian news reports, five yachts have been returned to Fincompany. The yachts are valued in the vicinity of €1-2million.

The yacht used by Lolli to escape to Italy is believed to be still languishing in Libya. It, along with its co-escapee, would seem to have an uncertain future.

But the movie plot is not over yet, as while Lolli could be in jail in Tripoli, he could have escaped and be in Egypt, Tunisia or anywhere in the world. Maybe the yacht is with him. We'll have to wait for the story's ending before Hollywood moves in.

Watch this space...
Southern Spars - 100Bakewell-White Yacht DesignWildwind 2016 660x82

Related Articles

Reducing weight aloft with composite backstays
Reducing weight aloft is one of the most cost effective ways of increasing your boat speed and performance. Reducing weight aloft is one of the most cost effective ways of increasing your boat speed and performance. Every kilogram you take out of the rig is roughly equivalent to 4kg added to the bottom of your keel!
Posted on 26 Jul
Free $US3,000 Carbon Vang with SouthernFurl boom orders in July
Southern Spars is giving a free carbon vang - valued at US$3,000 - with SouthernFurl in-boom furlers ordered in July Southern Spars is giving away a free carbon vang - valued at US$3,000 - with all of their SouthernFurl in-boom furlers ordered in July. Carbon gas vangs make a great addition to the furling boom package, though if you’d prefer to keep your existing one, Southern Spars will offer you a 5% discount on the price of your boom instead.
Posted on 29 Jun
Newport Bermuda Race - High Noon takes honours
As the Newport Bermuda Race fleet rushed to the finish line on Monday in the wake of the first-to-finish boat, As the Newport Bermuda Race fleet rushed to the finish line on Monday in the wake of the first-to-finish boat, the powerful 100-foot grand prix Comanche, to the surprise of many they were led by an unusual boat and crew. High Noon, at 41 feet, is fully 59 feet shorter than Comanche and tens of feet shorter than many other entries.
Posted on 22 Jun
Platino recovery - Family confirms that tug has made rendezvous
Reports in social media say a salvage tug has made a rendezvous with the Platino earlier than expected. Reports in social media by family and friends of Nick Saull, the crew member killed during a catastrophic incident abroad the 66ft yacht Platino say the salvage tug which left on Tuesday night has made the rendezvous earlier than expected. The Facebook report says the tug, Sea Pelican, arrived on Friday morning, the weather in the area has eased and with a more favorable outlook.
Posted on 16 Jun
Royal Queensland Yacht Squadron to ban bottled water
Approval has been given to create a ban on bottled water that comes in plastic containers. The RQYS Management Committee has confirmed that approval has been given to create a ban on bottled water that comes in plastic containers. This will place the club as a leader in environmental impact management in Australia and around the world. The Royal Hong Kong Yacht Club earlier this year did likewise. Who’s next?
Posted on 16 Jun
SouthernFurl In-Boom furling systems withstand Sydney Hobart test
Southern Spars design team have developed the SouthernFurl Boom smaller budgets and yachts from 35-70 feet. Have you ever scared your family when you got stuck with too much sail up when you should be reefed? Southern Spars’ range of SouthernFurl booms are the answer – letting you reduce sail quickly and easily without leaving the safety of the cockpit.
Posted on 23 May
2016 Garda Trentino Olympic Week - Day 4
Garda Trentino Olympic Week 2016 draws near to the conclusion: the weather once again proves difficult. Garda Trentino Olympic Week 2016 draws near to the conclusion: the weather once again proves difficult. Tomorrow the medal race is scheduled for the Lasers and another two races for the three paralympic classes.
Posted on 13 May
CCA presents RCC Award to Scott and Mary Flanders
CCA has announced that Scott and Mary Flanders are the recipients of the organization’s 2015 Royal Cruising Club Trophy. The Cruising Club of America (CCA) has announced that Scott and Mary Flanders are the recipients of the organization’s 2015 Royal Cruising Club Trophy.
Posted on 22 Apr
Cyclone Winston Relief Fund – Help the people of Fiji
Sea Mercy is sending volunteer fleet of small and large vessels, loaded with shelter, food and medical supplies to Fiji. Sea Mercy is once again sending our volunteer fleet of small and large vessels, loaded with shelter, food, water and medical supplies and teams to Fiji.
Posted on 27 Feb
Golden Globe Race - 30 sailors from 12 countries named for challenge
Sailors from America, Britain and France head the preliminary entry list for the 2018 Golden Globe solo round the world Sailors from America, Britain and France head the preliminary entry list for the 2018 Golden Globe solo round the world race. The 29 men and one woman – have each paid an initial A$3,000 entry fee. Other entrants hail from Austria, Australia, Brazil, Estonia, India, Ireland, Italy, New Zealand, Norway, Palestine, Russia and Switzerland.
Posted on 18 Feb