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Trial ordered in case of hot FerrariRare, $1 million car was wrecked on Pacific Coast Highway
 The mangled Ferrari sits on the side of the Pacific Coast Highway in California after the wreck. 
YOUR E-MAIL ALERTSLOS ANGELES, California (AP) -- A Swedish businessman accused of stealing a rare Ferrari and wrecking it at more than 160 mph was ordered Monday to stand trial on embezzlement, grand theft auto and other charges. Bo Stefan Eriksson, former executive of a failed video game company, will be tried on charges relating not only to the February 21 crash, but also on charges that he stole from British banks that held the titles to two other luxury cars. The judge lowered his bail from $5.5 million to $3 million. Eriksson, 44, was returned to jail Monday at the end of a three-day preliminary hearing. Attorneys for the former executive of Gizmondo Europe Ltd. declined to comment. The case stems from the crash of a Ferrari Enzo -- one of only 400 made -- that slammed into a pole on Malibu's Pacific Coast Highway at an estimated 162 mph. The $1 million vehicle was destroyed; Eriksson suffered only minor injuries. The accident triggered an investigation when Eriksson told police that he was only a passenger and that the driver had run into the hills. He is charged with bringing two Enzos and a Mercedes McLaren SLR -- altogether worth an estimated $3.8 million -- into the United States even though he allegedly did not have permission from the British banks that provided them on "lease purchase" agreements. Sheriff's Detective Zack Conner testified that Eriksson told him that he was driving. He also testified that officials of the three British banks told Conner that Eriksson did not have permission to take the cars out of that country. The officials also said Eriksson defaulted shortly after obtaining the vehicles. Defense attorney Paul Takakjian argued that Eriksson stopped paying because his business collapsed. A search of his home last month turned up a handgun. Eriksson, who served 51/2 years in a Swedish prison for various crimes, is charged with being a felon in possession of a firearm, a felony. He is also to be tried on three felony counts of embezzlement, three felony counts of grand theft, and two misdemeanor counts involving driving under the influence. He faces a maximum of 14 years in prison if convicted of all charges. Copyright 2006 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed. 
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