Agents raid homes of Grand Am driver Zogaib, business partner in probe of alleged Ponzi scheme

Agents raid home of Grand Am driver Zogaib

ORMOND BEACH, Fla. — The homes of professional race car driver Henri Zogaib and his business partner were searched Wednesday by Florida law enforcement agents who are investigating an alleged $5.4 million Ponzi scheme that has also ensnared an unidentified NASCAR driver, authorities said.

Agents seized computers and documents from Volusia County homes owned by Zogaib, a Grand Am driver, and business partner Paul Bellanca, said Susie Murphy, a spokeswoman for the Florida Department of Law Enforcement.

The victims included a NASCAR driver and others involved in professional racing, Murphy said. She declined to disclose their names.

The agents also issued warrants on accounts at three banks and froze some assets. No charges have been filed in the investigation.

The men promised returns of up to 40.8 percent for investments in iron and ore to more than a dozen investors, Murphy said.

She added that the probe is focusing on two companies operated by Zogaib and Bellanca, Executive Investment Group LLC and Diversified Equity Investment Group LLC. A registered agent for Executive Investment Group LLC, accountant Howard Stange, didn’t return a phone call to his office seeking comment.

Zogaib placed 33rd place during the Grand Am Rolex race last year at the Daytona International Speedway.