Former SEC Chairman Richard Breeden famously stated during his time leading the agency that it was his goal that securities fraudsters be "left naked, homeless, and without wheels."

That is easier said than done, but FOX Business reports that last month, the DOJ was able to pull off the "without wheels" part in its case against Kenneth E. Marsh. The DOJ and the SEC have brought cases against Marsh alleging a $20 million-plus fraud at his investment newsletter company, Gryphon Holdings Inc.

FOX reports that on July 7, federal agents seized Marsh's only car--a black, 2007 Porsche 911 Turbo allegedly purchased with an $88,749 transfer from a Gryphon account--from his Staten Island, N.Y., home. On Aug. 4, U.S. Judge Jack Weinstein ordered the sale of the car, despite the fact that Marsh has not been convicted in the matter.

Wheel-less, Marsh has been reduced to public transportation, his attorney says. He adds that the "the postal inspectors, who were the main arresting entity, were very upset that he was continuing to drive a Porsche while they drove less expensive vehicles. It irked them." Marsh recently filed a motion saying that he needs a car to get to weekly doctor's appointments for his bi-polar disorder and to mandatory pre-trial services, to visit his 2-year-old son, and to look for jobs in New Jersey.

The judge reportedly ruled that Marsh could have some of the proceeds of the Porsche sale to buy another car. Marsh has requested $5,000 of the proceeds to get himself a new ride.