The boss of De Tomaso, Gian Mario Rossignolo, was arrested by Italian Tax Police yesterday for alleged fraud. Early details suggest that Italian authorities gathered enough information to arrest Rossignolo for using a false bank guarantee to receive funding from the Piedmont Region and the European Union.

The figure in question is around 7.5 million euros (5.9 million pounds) provided to De Tomaso and distributed to Gian Mario Rossignolo, and two other De Tomaso executives personal accounts. All three were arrested and will be held under house arrest while investigations continue. It was provided to the company to help re-train 1,000 workers.

As we reported earlier, De Tomaso was declared bankrupt by the court in Livoro, following a period of uncertainty. This is the second time in ten years the Italian company goes bust, the first time was in 2004. The reincarnation of De Tomaso was one of the surprises at the 2011 Geneva Motor Show, where the Italians presented a five-door crossover named the Deauville which was based on the Cadillac SRX. The revived brand also announced the return of the legendary Pantera for later that year, which would be followed by a limousine scheduled for 2013.

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