Saw the same thing happen in my very first race...I was in the back sucking wind.
Some guy in a white skinsuit...this was a "citizens" race, long before USA Cycling figured out how make more money lol...threw up his arms in salute for the win mebbe 15ish feet before the finish line...apparently never saw the rider coming off his wheel and take the win. The winner was just another schlep on a bike wearing tshirt and shorts compared to the Mario Cipolini wannabe...Mario was crestfallen...