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MILAN, Italy — Italian financial police have busted a ring of counterfeiters who built fake Ferraris and sold them for as little as $30,000 a car, officials said Thursday.
Authorities have confiscated 14 fake Ferrari Modena 360s, said Guido Geremia, head of the Palermo unit that led the investigation. The suggested retail price for the 360 Modena, which went out of production in 2004, is about $150,000.
Investigators do not know how many of the cars have been sold, but Geremia said the buyers knew the cars were fakes and were clearly seeking to impress unknowing neighbors.
