Gizmondo, makers of an ill-fated portable gaming device I saw at CES 2005 and “launched” back in October 2005 continues to be in Misery, Inc.

Gizmodo, whose name is all too similar I’m sure for their liking, reports:

[Gizmondo executive] Eriksson was officially arrested for failing to make payments on three sports cars that were imported to the U.S. from Britain. Other charges may be added pending DNA tests and further investigation including DUI and fraud for the business venture that the three sports cars were purchased on. He is also being held without bail because of his questionable visa status. Arraignment on this case is expected to begin this week.

Gizmondo quite possibly will go down as the most awful purchase I might have wanted to make and passed. Gizmondo and company should have been in the Amityville Horror, somebody summon Jay Anson from the grave.

The picture Gizmodo is running of that 399 rare Ferrari Enzo that Ericksson trashed is worth the clickthru alone.