Please select your home edition
Edition
Southern Spars - North Technology

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...
Wildwind 2016 660x82Colligo Marine 660x82upffront 660x82

Related Articles

Olympic Gold medalist and Volvo Ocean Race winner up for WS Board
Torben Grael (BRA) is amongst the 15 nominations for one of seven places on the Board of Directors of World Sailing Torben Grael (BRA) is amongst the 15 nominations for one of seven places on the Board of Directors of World Sailing in November. The five times Olympic medalist, Volvo Ocean Race winner and several times America's Cup competitor will bring a much needed sailing edge to the Board of World Sailing if he can navigate the politics of the controlling body of the sport.
Posted on 25 Sep
D-Marin Farr 40 Zadar Regatta – Overall report
Enfant Terrible and Plenty have been doing battle on the Farr 40 International Circuit for several years now. Enfant Terrible and Plenty have been doing battle on the Farr 40 International Circuit for several years now. Those two top-notch programs have resumed their rivalry this week in the waters off this historic city along the Dalmatian coast.
Posted on 23 Sep
Impressive tow-in freestyle show on the water in Cold Hawaii
The second day of the netIP Cold Hawaii PWA World Cup proved to be yet another lay day for the main competitio The second day of the netIP Cold Hawaii PWA World Cup proved to be yet another lay day for the main competition as expected with light winds and small waves.
Posted on 21 Sep
Brookes and Gatehouse Videos with Knut Frostad
Navico, the parent company for Brookes and Gatehouse (B&G), Simrad and Lowrance have prepared some terrific videos Navico, the parent company for Brookes and Gatehouse (B&G), Simrad and Lowrance have prepared some terrific videos with Knut Frostad, the legendary Volvo Ocean Race sailor and former CEO. See him talk about sailing in general, the B&G product choices and placement he made for his own boat, and then why he loves his Outremer 5X.
Posted on 8 Sep
Soft Padeyes – light, strong and versatile
Several types of soft padeyes are now available and are proving increasingly popular over traditional stainless steel pa Several types of soft padeyes are now available on the market and are proving increasingly popular over traditional stainless steel padeyes. They all capitalise on the incredible strength to weight ratio and abrasion resistance of Dyneema® which offers a reliable, robust, flexible and safe termination.
Posted on 6 Sep
The hurricanes headed for Hawaii and Florida
The National Weather Service has upgraded a tropical storm headed for Florida to hurricane status. The National Weather Service has upgraded a tropical storm headed for Florida to hurricane status. The first of two hurricanes headed toward Hawaii lost strength and was downgraded to a tropical storm. Meanwhile, in Florida, a tropical storm gained in strength and is now designated as a hurricane.
Posted on 4 Sep
Zhik sailors win 17 sailing medals at 2016 Olympic Regatta
The 2016 Olympic games are over and what a Games they have been - Zhik sailors dominated Zhik sailors won almost 60% of the medals contested at Rio de Janeiro. It was a regatta which tested sailors and gear - with one day being the most severe conditions ever experienced at an Olympic regatta. For the Zhik team riders on the waters of Rio, four years and more of hard work and dedication have paid off for many.
Posted on 29 Aug
Kids Polarised Sunglasses from Barz Optics
Barz Optics have developed a quality range of junior polarised sunglasses ideal for sailing and fishing. Barz Optics have developed a quality range of junior polarised sunglasses ideal for sailing and fishing. Each pair are supplied with a neoprene case and sunglass retainer.
Posted on 4 Aug
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