He is charged with three counts of embezzlement, three counts of grand theft and illegal gun possession, all felonies, plus two misdemeanor counts of drunken driving.

— one couldn't be blamed for suspecting Eriksson's across-the-board "not guilty" plea is a wee bit optimistic.

Ferrari Driver Pleads Not Guilty to Crash Charges [LA Times]
Earlier: Stefan Eriksson arrested, still a big Ferrari-crashing loser [Valleywag]

Oh, Gizmondo. We won't miss you, but we'll miss you subsidizing Stefan Eriksson's expensive hobby, "Wrap a Ferrari around a telephone pole."

This time, it's not the Ferrari-crashing Stefan Eriksson in trouble (oh, he's still screwed too). It's his buddy from the FUBAR gadget company, Carl Freer, who whipped out a badge on the scene of the crash. Carl's accused of flashing his San Gabriel Valley Transit Authority badge (keep it in your pants, Carl!) to buy a gun without a background check. Such a deal wouldn't be kosher, what with him being a foreign national who can't buy guns in the U.S. His office denies the whole deal, but L.A. sheriffs found 12 rifles and four handguns at his home and on his yacht. No worries, he was probably just doing some hunting.

2nd Arrest Made in Ferrari Case [LAT]

• Lousy OS
• No phone
• No Wi-Fi
• No TV-out
• Poor business model

Causes not listed:

• Hiring a Ferrari crasher

Reflections: Gizmondo today is no more [MS Mobile]

First off, there's the crash itself. Valleywag's chain-smoking brother Jalopnik caught pics of the carnage — the torn-off passenger compartment, the streak of debris — left after Stefan's Ferrari ploughed into a telephone pole and split apart.

Then there's the supposed video of the crash — someone said Stefan had a camcorder on the whole time.

And there's the mysterious second passenger — or, as Stefan claimed, the driver. Stefan said a German man was driving him — but did he just need to get out of a drunk driving charge?

That's another thing — Stefan was confirmed as drunk on the scene, and his alibi — the supposed driver — wasn't on the scene at all.

Meanwhile, Stefan flashed a card that identified him as a cop — kind of. A while back, he'd installed security cameras on public buses. In return, he was made a deputy anti-terrorist police commissioner, complete with business cards.

That didn't stop two men from Homeland Security from interrogating Stefan at the crash site. But Stefan was let go —

— uninjured, according to early reports. Now CNET mentions that he was bleeding from the mouth when the cops first found him.

In any case, his arrest this weekend wasn't for drunk driving. It's a grand theft case, because Stefan doesn't own the car. He was leasing it and had recently stopped paying for it. Looks like he illegally shipped it over from the UK. Same with his wife's Benz, which was impounded in March.

Thus goes the story of the tech executive fired after his mob-connection convictions were outed in the Swedish press. He's being held without bail, and who knows if he'll end up being deported, but wherever he goes, can someone keep an eye on the boy? With one good paparazzi on his ass, Stefan (bonus notes: gun clip found near the crash site! Gizmondo maker of really stupid gaming device!) could earn himself his own Gawker Media blog.

Photo: Associated Press
Earlier: More dirt on the Gizmondo Ferrari wreck [Valleywag]
Former game exec arrested in Ferrari crash [CNET]
An arrest for theft in Malibu mystery [SF Chron]
Ferrari Case Continues to Widen [LAT]
From the Wag's big brothers: Gizmondo Executive Goes to Jail, Does Not Pass Go, Does Not Collect $200 [Gizmodo]
And: Woohoo! High School Poop on the Brokeback Enzo Man! [Jalopnik]
And: Dumb Gizmondo Exec Loses Another Exotic Car [Kotaku]