Disgraced FIFA Official Posts Bond with Luxury Watches
A collection of fine luxury watches is truly something to treasure and be proud of but if you get into trouble, those pricey timepieces could also be your get-out-of-jail card. One luxury-loving gentleman managed to avoid jail by forfeiting some of his expensive possessions.
In better days, Jeffrey Webb was an executive of FIFA, the organization governing the world of soccer. More recently, the body has been rocked by one scandal after another with several officials being charged with corruption. Webb, a former vice president, was extradited from Switzerland in May and also faces charges in his native Cayman Islands.
Faced with the choice of coming up with a $10 million bond or cooling his heels in jail, Webb dug into his extensive collection of luxury items. Items that Webb was forced to turn over included a 2015 Ferrari, a 2014 Range Rover, a 401(k) account, 10 properties and 11 luxury watches including five Rolexes and a Breitling. In order to keep her hubby out of jail, his wife had to part with baubles like a diamond and pearl necklace, diamond bracelet, pearl earrings and diamond earrings plus watches by Hublot and Rolex.
In return for turning over $10 mil in fancy goodies, Webb gets home detention with electronic monitoring rather than sitting in a jail cell waiting for his trial. He must also stay within 20 miles of the Brooklyn courthouse and surrender all passports. Last week, the disgraced former VP pleaded not guilty to charges of bribery and racketeering. Webb is just one of nine FIFA official and five marketing executives that have been indicted in a $150 million bribery scandal. He was suspended from FIFA following his indictment and ordered not to associate with anyone connected to he FIFA cases.
So once again, crime does not pay—especially when it can cost you a collection of luxury watches.