A Profitable Trade: Illicitly Shipping BMWs to ChinaDecember 2, 2013 – In The News
Ely Goldin was quoted in The Wall Street Journal article "A Profitable Trade: Illicitly Shipping BMWs to China." While the full text can be found in the December 2, 2013, issue of The Wall Street Journal, a synopsis is noted below.
Federal prosecutors have begun seizing high-end cars at ports and related bank accounts holding millions of dollars in an effort to curb the shipment of cars purchased in the U.S. to China, where they sell for nearly three times the U.S. sticker price.
At least 35,000 vehicles are purchased at dealers and shipped this way each year according to Ely Goldin, who represents a couple who had their cars and assets seized.
Goldin said that while dealers might have cause to sue for breach of contract, the government has no business getting involved. “Why should a buyer of a car be prohibited from exporting a car after he paid top dollar for it?” he said. “If there is an arbitrage opportunity, someone will always try to make a buck and there is nothing wrong with that. It’s called capitalism.”