But the point of the Gizmondo wasn't to make good games; it was to swindle wealthy investors (who it turns out aren't always expert gamers). Eriksson was able to wow London's financial community with lavish parties and tales of the Gizmondo's amazing tech, including a tracking chip that would supposedly let you monitor your child's every move. Exactly what every teen wants!
People were queuing up to invest, and the company used that money to run up losses of $382.5 million -- $200 million of which can't be properly accounted for. Many of the "third-party" companies paid to develop games were secretly owned by Eriksson himself, and if all that money went to producing the games, it certainly didn't show. When everything came to light, the Swedes vanished again, and didn't resurface until Eriksson's Ferrari had a run-in with one of California's famed vibranium lampposts in 2006.