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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →De Tomaso’s story involves two distinct revival attempts—not one scheme that led to one bankruptcy. The earlier company, De Tomaso Automobili S.p.A., presented a new vehicle in 2011 and entered bankruptcy in 2012. A 2026 report says its former leaders Gian Mario and Gianluca Rossignolo were convicted in that bankruptcy case. Separately, a later company associated with the De Tomaso P72 faced a 2023 U.S. lawsuit alleging misconduct around a proposed SPAC transaction and customer deposits. Those allegations concern the later revival and do not explain the earlier Italian bankruptcy.
Two De Tomaso revivals, two legal stories
The phrase “revival derailed by fraud and bankruptcy” compresses events involving different companies, leaders, countries and proceedings. The distinction matters: the 2012 bankruptcy belongs to the earlier Italian company, while the fraud allegations in the U.S. lawsuit concern a later P72-era revival.
| Episode | Company and leadership | Vehicle | Proceeding and status |
|---|---|---|---|
| Earlier revival, 2011–2012 | De Tomaso Automobili S.p.A.; Gian Mario Rossignolo and associates | A new vehicle presented in 2011; the European Commission document does not identify it in the cited passage | The company entered bankruptcy in 2012. La Sicilia reported convictions in the bankruptcy case in 2026. |
| Later revival and U.S. lawsuit | De Tomaso Automobili Holdings N.A. LLC; associated with Norman Choi | P72 | Ryan Berris filed a civil complaint in 2023 alleging financial misconduct connected to a proposed SPAC transaction and customer deposits. A 2025 partial summary-judgment ruling resolved some claims procedurally, not every allegation. |
The European Commission’s 2013 document refers to De Tomaso Automobili S.p.A.’s 2011 vehicle presentation: European Commission document. The distinction between that company and the later U.S. entity is central to understanding what the legal record does—and does not—show.
What happened to the earlier company?
De Tomaso Automobili S.p.A. presented a new vehicle in 2011, but the company entered bankruptcy the following year, according to La Sicilia’s 2026 account. The report says Gian Mario Rossignolo, his son Gianluca and others were convicted in the bankruptcy case, including for bankruptcy-related offenses and offenses involving public funds.
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La Sicilia reported prison terms of five years and six months for Gian Mario Rossignolo and four years and ten months for Gianluca Rossignolo. It also reported provisional compensation of €5 million to the bankruptcy estate. These are figures reported by the newspaper; the underlying judgment and the appeal or finality status were not established in the available material. The report is available at La Sicilia.
What did the P72-era lawsuit allege?
In 2023, former executive Ryan Berris sued Sung-Fung “Norman” Choi, De Tomaso Automobili Holdings N.A. LLC, Hin Weng “Samuel” Lui and Genesis Unicorn Capital Corp. in the U.S. District Court for the Southern District of New York. Berris’s complaint alleged that Choi and others engaged in financial misconduct, pursued a fraudulent SPAC process, made false financial statements and misled customers who had paid deposits. These are allegations in a civil complaint, not facts established simply by its filing.
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The complaint’s press-release material quoted Berris as saying, “I dedicated my life to reviving De Tomaso, building one of the world’s timeless supercars and providing opportunities for others.” The statement reflects his account of his role and the dispute; it is not a court finding. The complaint and its accompanying material can be read here.
The court opinion also describes the parties’ competing accounts of Berris’s departure. Choi said Berris resigned after misusing company resources; Berris said he was forced out after raising concerns about fraud. The opinion records those positions but does not, by doing so, establish either account as true.
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What did the 2025 court ruling decide?
On September 4, 2025, the SDNY granted in part and denied in part Choi and De Tomaso’s motion for summary judgment, and granted the motion by Lui and Genesis. That mixed procedural ruling was not a blanket endorsement of Berris’s accusations, nor does the available information establish the final outcome of every claim or the case as a whole. The court’s opinion is available from GovInfo.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the phrase “derailed by fraud and bankruptcy” gets wrong
- It can conflate separate companies. The Italian company that went bankrupt in 2012 was De Tomaso Automobili S.p.A.; the later P72 revival was associated with De Tomaso Automobili Holdings N.A. LLC.
- It can make allegations sound like findings. The claims about the SPAC process and deposits originated in Berris’s civil complaint. The 2025 ruling was partial and mixed.
- It can imply a causal link that is not established. The later U.S. allegations did not cause the earlier Italian company’s bankruptcy; they concern a separate revival and a later dispute.
For personal-finance readers, the practical distinction is between reported outcomes and disputed claims: a reported conviction in a bankruptcy case is not the same thing as an allegation in a separate civil lawsuit. The source record here does not establish the latest appellate status of the Italian convictions or the final disposition of all claims in the U.S. case.
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