It was a simple plan really. Buy $1M Bugatti, insure it for $2M. Drive it into a lake and collect handsome return on investment. He would have gotten away with it to had it not been for those darn kids and their video-recording mobile phone doohickeys driving on a parallel road.

According to reports out of Texas , the 39-year old owner of the car has plead guilty to "wire mail fraud" this week in regards to the waterlogged Veyron. According to the report, Lee House purchased the 2006 Bugatti in October 2009 and promptly insured it for over double the amount of purchase. One month later, he managed to drive it into Gulf Bay near La Marque TX. He also left the motor running when he exited the car, further damaging the million dollar Bug.

The next day House filed an insurance claim. There were rumors of bird avoidance, and the report mentions he'd dropped his phone. However, his claim was largely proven false after video surfaced on YouTube. It seems two young car enthusiasts who thought it was a "Lamborghini" were driving on a parallel road and filming the car at the precise moment he drove it into the water.

Watch both the moment of impact and the painful moment of retrieval from the lake below.