Studio City Man Arrested For Allegedly Embezzling Porsche Panamera

STUDIO CITY (CBSLA.com) — A Studio City man has been arrested on suspicion of embezzling a Porsche Panamera from an auto leasing company, authorities announced Saturday.

Andrew Foley Parker III was taken into custody on Wednesday after authorities say they traced Foley to his home in the 3200 block of Dos Palos Drive, the Los Angeles County Sheriff's Department said in a statement.

Upon arriving at the home, detectives served a warrant.

Authorities allege that it was then that they not only recovered the vehicle but also uncovered a manufacturing and identity theft operation with a potential loss of $2.5 million, according to the statement.

"In addition detectives recovered numerous credit card manufacturing machines, and over 6,000 blank credit cards with counterfeit American Express, Visa, Discover, and MasterCard logos as well as an assortment of counterfeit driver licenses and identification cards," the statement said.

Foley was subsequently arrested.

Anyone with more information about this case was asked to contact the Los Angeles County Sheriff's Department's Taskforce for Regional Autotheft Prevention at (626) 572-5610.