Bugatti Veyron salt lake crash was insurance fraud

Bugatti Veyron Crash

Bugatti Veyron

Federal authorities say an East Texas man has admitted to deliberately driving his $1 million Bugatti Veyron into waters near Galveston so that he could collect insurance on the vehicle.

Authorities say man initially claimed that he was reaching for his cell phone when the vehicle swerved into water near Galveston. The salt water flooded the engine, ruining the Bugatti Veyron.