Please select your home edition
Edition
Ancasta Botin Fast40

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? SW
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...
Wildwind 2016 660x82Barz Optics - San Juan Worlds Best EyewearProtector - 660 x 82

Related Articles

See how your smart phone can help save your life
OLAS, the man overboard location alert app from Exposure Lights is available on Android as well as through App Store. OLAS, the man overboard location alert app from Exposure Lights is now available on Android as well as through the App Store.
Posted on 25 May
High water on the great lakes – Boom or bust for boaters?
Boaters can find that deeper water under the keel may open a range of cruising, fishing or sailing grounds to navigation With Great Lakes water levels on the rise and expected to continue to increase into summer, recreational boaters could find that deeper water under the keel may open a whole new range of cruising, fishing or sailing grounds to navigation.
Posted on 19 May
BoatUS 2017 top 10 list of boat names and their meanings
BoatUS, issued its 2017 Top Ten Boat Names list today, a tradition dating back a quarter decade. The nation’s largest recreational boating advocacy, services and safety group, Boat Owners Association of The United States (BoatUS), issued its 2017 Top Ten Boat Names list today, a tradition dating back a quarter decade. The names come from tallying up requests for boat names to the BoatUS Graphics service, and each reveal much about the personality of the vessel’s owner.
Posted on 18 May
Brian McGinnis takes Mid-Atlantic Regional Sunfish Championship
Old Point Comfort Yacht Club hosted a multi-state field for the first 2017 Mid-Atlantic Regional Sunfish Championship. Old Point Comfort Yacht Club hosted a multi-state field for the first 2017 Mid-Atlantic Regional Sunfish Championship. The race was a qualifier for the 2018 Sunfish Worlds. Winds for the weekend tended toward 20 knots or more for Saturday where only four of the nine boats entered finished the five races run on Saturday.
Posted on 9 May
North Technology buys Hall Spars from receivership
North Technology Group (NTG) has announced the acquisition of the Hall Spars business out of receivership. North Technology Group (NTG) has announced the acquisition of the Hall Spars business out of receivership. The Hall Spars US parent company announced in early 2017 that it would be closing the doors due to well publicized financial challenges. The acquisition covers Auckland and Brekens and Hall Spars will re-establish in Rhode Island
Posted on 9 May
Coast Guard finds Aids-to-Navigation shot and sunk near Block Island
Crew of Coast Guard Cutter Ida Lewis discovered a buoy sunk in water with bullet holes, near Block Island, Rhode Island. The crew of Coast Guard Cutter Ida Lewis discovered a buoy sunk in the water with bullet holes, Monday, near Block Island, Rhode Island. The crew was conducting regular aids-to-navigation maintenance when they approached Clay Head buoy number 7 and found it submerged. The crew raised the 12,000-pound buoy and found 20 bullet holes in it.
Posted on 28 Apr
A Few Rays - When you think of sunscreen as a filter....
If a sunscreen is a filter of UV rays, how much is enough? If a sunscreen is a filter of UV rays, how much is enough? Where the skin is exposed and a sunscreen is working for you, it is filtering UV rays. Some of those rays always get through. The percentage of the high energy UVB rays (said to cause sunburn) that get through to cells in the skin can be determined by the claimed SPF of the product you are using.
Posted on 25 Apr
Boat International partners with NZ Millennium Cup 2018
Boat International partners with NZ Millennium Cup 2018 to celebrate superyacht regatta’s tenth anniversary Boat International Media, the global authority on superyachts and the luxury lifestyle that goes with them, has today announced that it will be partnering with the NZ Millennium Cup superyacht regatta, to be held in New Zealand’s Bay of Islands in January 2018.
Posted on 22 Apr
A Few Rays - What is Broad Spectrum Protection?
What is Broad Spectrum sunscreen? Ultraviolet rays only make up a small proportion of all of the sun’s rays. What is Broad Spectrum sunscreen? Ultraviolet rays (UVA, UVB and UVC) only make up a small proportion of all of the sun’s rays. UVA and UVB sun-rays are however the biggest contributors to skin damage from sun.
Posted on 19 Apr
Coast Guard urges boating safety common sense
Coast Guard reminds mariners that as the air temperature is warming the water temperatures are still dangerously cold The Coast Guard is reminding mariners Friday that as the air temperature is warming the water temperatures are still dangerously cold. With the rise in air temperature, the number of boaters, paddle craft users, and water enthusiasts taking to water activities also rises.
Posted on 15 Apr