Lycra tycoon defrauded of 450,000 euros

Genoa, November 11 - A man has been placed under investigation for aggravated fraud for bilking an Italian millionaire who holds the Lycra licence for Italy out of 450,000 euros. Lino Faccincani, who is Italy's ninth-largest taxpayer and a known philanthropist, was approached by a Genoa-born man who presented himself as an accountant and business agent. The man, aged 40, convinced him to hand over almost half a million euros and to give him an Audi A8 sedan over the course of a few months. He invented a series of excuses for asking for the loans, including a costly surgical procedure and capital for an investment. He then evaded numerous requests for payback, pleading poverty while driving around in a number of luxury cars. Faccincani finally turned to police.