The Hollywood Reporter sends word that Craig Zobel (Great World of Sound) will pen and direct Gizmondo for Contrafilm.

The film will be based on Randall Sullivan’s Wired article “Gizmondo’s Spectacular Crack-up,” which focused on Swedish con artist Bo Stefan Eriksson, who, among other things, wrecked a Ferrari Enzo going 160mph in Malibu in 2006. He had launched a video game company Gizmondo that ultimately filed for bankruptcy.

Eriksson is alleged to have been involved in organized crime; it is known that he has been in and out of Swedish and US jails for fraud, extortion, kidnapping and other charges.