Stefan Eriksson, the former head of Gizmondo, has pleaded guilty to charges of embezzlement, illegal possession of firearms, and drunk driving.
Eriksson has been sentenced to three and a half years of prison. Additional punishments include the seizure of his Bel-Air mansion worth approximately $4 to $5 million and his deportation from the United States once he is released. His home will be sold to pay for legal fees and to repay debt owed to the banks involved in the case.
This comes a surprise following his November 6th mistrial , where the jury's decision was split 10 to 2 in favor of a guilty sentence. The charges began with Eriksson's admittance of drunk driving when he crashed a Ferrari on February 21st. A police investigation revealed that he has ceased payments to the Royal Bank of Scotland on his Enzo Ferrari and Mercedes-Benz SLR McLaren.
Jim Parkman, Eriksson's lawyer, claims that Stefan Eriksson chose to plead guilty to minimalize the costs and time required for another trial. Parkman told the media, "Essentially, it was what Stefan wanted to do. Stefan believes he can be successful in the future. He wanted to move on and ultimately be out of jail in a year."