Alledged Fraud Reaches NASCAR, Indy Car and Grand Am Series

Grand-Am Rolex Series drivers Henri Zogaib and Ryan Dalziel were on top of the world. They had finished second a few weeks earlier in the Bosch Engineering 250 at Virginia International Raceway, and then, on May 18, 2008, they won the 250 at Mazda Raceway Laguna Seca. It was the first win for the duo, the first-ever win for the journeyman Samax Motorsports Dinan Riley-BMW driver.

Typical of inexperienced but wealthy gentlemen Grand-Am drivers, Zogaib, 36, qualified and drove the first 14 laps, leaving professional Dalziel, 27, to drive the rest of the 98-lap race. “Ryan was pure magic. I'm very proud of him,” Zogaib said. “I'm a happy man.”

Well, not for long. And neither were some of Zogaib's associates, including Dalziel. Earlier this year, he sued the investment broker, who lives near Daytona Beach but lists his hometown as Beirut, Lebanon.

Daziel and his father said in the lawsuit that they invested $550,000 with Zogaib after he told them her could get them a 38.4-percent return on iron ore futures. Says the suit: “Zogaib repeatedly assured the Dalziels that their invested funds would be returned with interest, no later than July 2008. Despite these representations, Zogaib failed to return a single penny.”

(continues at link)