Maestro pleads guilty, faces 2 1/2 years in prison

[keating3620]

http://www.chicagotribune.com/news/l...,6330335.story

admitted to trimming the Gretzky Wagner card and auctioning it for 1 million.

[CMIZ5290]

Since it was sold to Gretzky, wouldn't the term slashing be better than trimming?

[christopher.herman]

"According to the plea agreement, when Mastro bought the Wagner card in 1986, it had bowed boarders, rendering it less valuable. Mastro “personally cut the side borders…using a paper slicing machine,” then sold it without disclosing the alterations, the filing stated."

I guess that settles that.

[RobertGT]

[CaramelMan]

think he got off easy ..

dude stole Millions from us collectors

[base_ball]

He actually faces up to five years in prison...here's a fairly good account:

http://www.bloomberg.com/news/2013-1...ail-fraud.html

Whatever the case, he'll be suspended longer than A-Rod. And under less inviting circumstances.

[sago]

Will Joe Orlando issue a statement?

[Cardboard Junkie]

Even his silence would be a big statement now.

[Wite3]

Would love to see the deposition now...does Bill Mastro say that Joe Orlando knew the card was trimmed before it was encapsulated? If so, is Joe now on the hook for a similar fraud case...can you have accessory to fraud? I know the current owner would not return it to PSA for a refund but could he sue for damages between the current value of a trimmed Wagner and the value of his purchase? Lots of questions still to be answered.

Joshua

[Leon]

Originally Posted by Wite3

Would love to see the deposition now...does Bill Mastro say that Joe Orlando knew the card was trimmed before it was encapsulated? If so, is Joe now on the hook for a similar fraud case...can you have accessory to fraud? I know the current owner would not return it to PSA for a refund but could he sue for damages between the current value of a trimmed Wagner and the value of his purchase? Lots of questions still to be answered.

Joshua

If I am not mistaking (and I could be) I don't think Joe O was in charge at the time of the grading of the Wagner.

[barrysloate]

I recall David Hall making a statement to the effect that he was totally comfortable with assigning the card an 8 grade. Is he still cool with it?

[Peter_Spaeth]

Originally Posted by barrysloate

I recall David Hall making a statement to the effect that he was totally comfortable with assigning the card an 8 grade. Is he still cool with it?

He looked at it with a magnifying glass and it was fine.

[barrysloate]

Originally Posted by Peter_Spaeth

He looked at it with a magnifying glass and it was fine.

Case closed.

[BigJJ]

I always wondered how it was done.

I am very impressed with how well it was cut.

Especially with such a device.

[Peter_Spaeth]

May he be the first of many.....

[GoldenAge50s]

I have a paper cutter in my backroom. I use it every day trying to make '82 Fleer into Gems. It's an impossible task!

[calvindog]

If you were victimized by Bill Mastro (you were) and want the judge to know the truth about what he's done -- or perhaps you disagree with his lawyer's contention that you weren't defrauded in his auctions because everyone knew Mastro auctions were crooked -- please let the judge know via letter.

In addition, you can also describe any negative interactions you had with Bill over the years if you desire. As a victim of Matro Auctions, I would not want the judge to believe that Bill is the kindest, most generous, religious guy in the world without him seeing the other, more accurate side, of Mastro.

The judge's address is:

Judge Ronald A. Guzman
219 South Dearborn Street
Chicago, Illinois 60604

The case name is U.S. v. Mastro, 1:12-cr-00567.

Feel free to contact me at my office if you have any questions: 212 581-1001.

[Leon]

Originally Posted by Leon

If I am not mistaking (and I could be) I don't think Joe O was in charge at the time of the grading of the Wagner.

With some newly obtained information, Joe O started with CU in the Summer of 1999. He took over running PSA in 2002. The card was graded approximately 7-8 yrs before he started with CU and over 10 yrs before he started running PSA. Joe was 19 and playing college baseball when the Wagner was graded. So those are the facts about the grading of the Wagner where Joe O is concerned. And I am told the current owner of the card is still very happy with it.

[calvindog]

Originally Posted by Leon

And I am told the current owner of the card is still very happy with it.

I'm guessing he's be a bit happier if the card was actually an 8 and not hacked with a blade.

[wolf441]

Originally Posted by RobertGT

Maestro?...Who the hell the Maestro??!!

[Leon]

Originally Posted by calvindog

I'm guessing he's be a bit happier if the card was actually an 8 and not hacked with a blade.

I am sure he would.

[oldjudge]

Jeff--is there still the chance of civil suits against Mastro Auctions or Legendary Auctions by shilled bidders? This ruling does not eliminate that possibility does it?

[calvindog]

Only the statute of limitations would prevent such lawsuits. I believe that is 5 years in Illinois.

[atx840]

[AndyG09]

Well played, Chris!

[Kenny Cole]

I don't know, but would assume, that Illinois law is similar to that of most jurisdictions and that the discovery rule tolls the statute of limitations until the fraud is or reasonably could have been discovered. If so, I think there's a decent argument that the statute of limitations on any fraud claim against Mastro has only recently began to run.

[jcmtiger]

I would not be surprised if more auction houses are caught up in this type of behavior. Even the auction houses everybody loves on this site. As more time passes, problems will probably surface. To much money in this hobby for it not to happen.

Joe

[sago]

Originally Posted by Leon

With some newly obtained information, Joe O started with CU in the Summer of 1999. He took over running PSA in 2002. The card was graded approximately 7-8 yrs before he started with CU and over 10 yrs before he started running PSA. Joe was 19 and playing college baseball when the Wagner was graded. So those are the facts about the grading of the Wagner where Joe O is concerned. And I am told the current owner of the card is still very happy with it.

He is the head of PSA now, and should still provide a statement. Their integrity (cough, cough) is in question. Their landmark card, and the one that started it all, should grade Authentic, instead of an "8". In fact, we have all seen cards returned due to being trimmed, so it may not receive a grade at all.

Does the fact that they are a public company compel them to issue a statement? I'm sure any financial analyst performing fundamental analysis should find this story very compelling.

D.av.id Dav.i.s.

[Sean1125]

Originally Posted by Wite3

Would love to see the deposition now...does Bill Mastro say that Joe Orlando knew the card was trimmed before it was encapsulated? If so, is Joe now on the hook for a similar fraud case...can you have accessory to fraud? I know the current owner would not return it to PSA for a refund but could he sue for damages between the current value of a trimmed Wagner and the value of his purchase? Lots of questions still to be answered.

Joshua

He won't be, he was offered a large sum of money in a certain time frame and did not take it.

[Fred]

Our whole hobby is a SHAM!!!

Finally, an admission to the fact that the Gretzky Wagner was ALTERED.

I can't wait until PSA comments. They probably won't. So, now how do we feel about the sham that's been exposed?

I wonder how the current owner of that Wagner now feels. Then again, that card has been nothing but notorious so it could actually add value to it.

[Cardboard Junkie]

To set things straight the Gretz Wagz should be reholdered trimmed authentic, and the real highest condition Honus should be kinged. The king is dead, long live the king!

[Peter_Spaeth]

Originally Posted by Kenny Cole

I don't know, but would assume, that Illinois law is similar to that of most jurisdictions and that the discovery rule tolls the statute of limitations until the fraud is or reasonably could have been discovered. If so, I think there's a decent argument that the statute of limitations on any fraud claim against Mastro has only recently began to run.

According to Jeff it was obvious Mastro was shilling years and years ago.

[Kenny Cole]

Yeah, but gee, the shiller adamantly denied it. There's your question of fact on the statute. Who you gonna believe?

[Peter_Spaeth]

Originally Posted by Kenny Cole

Yeah, but gee, the shiller adamantly denied it. There's your question of fact on the statute. Who you gonna believe?

As between Jeff and Bill? Hmmmm. Gotta think about that one.

[Section103]

Im just gonna go out on a limb and bet the next time this card gets sold, it is sold privately and with undisclosed terms.

[WhenItWasAHobby]

From the article,

"Mastro 'personally cut the side borders…using a paper slicing machine,' then sold it without disclosing the alterations, the filing stated".

Does anyone here believe that this was the only card he altered and was later sold in a PSA holder?

[HRBAKER]

Originally Posted by WhenItWasAHobby

From the article,

"Mastro 'personally cut the side borders…using a paper slicing machine,' then sold it without disclosing the alterations, the filing stated".

Does anyone here believe that this was the only card he altered and was later sold in a PSA holder?

I can't speak for everyone else but, No.

[Rob D.]

Originally Posted by calvindog

Only the statute of limitations would prevent such lawsuits. I believe that is 5 years in Illinois.

I think you mean statue of limitations.

[wonkaticket]

Originally Posted by sago

He is the head of PSA now, and should still provide a statement. Their integrity (cough, cough) is in question. Their landmark card, and the one that started it all, should grade Authentic, instead of an "8". In fact, we have all seen cards returned due to being trimmed, so it may not receive a grade at all.

Does the fact that they are a public company compel them to issue a statement? I'm sure any financial analyst performing fundamental analysis should find this story very compelling.

D.av.id Dav.i.s.

+1

[Runscott]

Bill Mastro has rendered all of our 'x-acto knife' comments foolish. Obviously he knew more than we did about proper tools.

[Sterling Sports Auctions]

Keith Olberman even made a comment about it on the Pre-Game Show.

[drmondobueno]

Originally Posted by Peter_Spaeth

May he be the first of many.....

Obviously, as he intends to rat out his friends to minimize his sentence. Maybe it will spill over......

Keith Temple

[Iron Horse]

What did Mr. Olberman say about it?

[calvindog]

Originally Posted by drmondobueno

Obviously, as he intends to rat out his friends to minimize his sentence. Maybe it will spill over......

Keith Temple

Bill is a class act all the way till the end.

[GoldenAge50s]

Originally Posted by Iron Horse

What did Mr. Olberman say about it?

As I recall, he mentioned the owner paying 3 million for it & now it's going from Mint to Authentic----Whooops!

[whitehse]

There is a short article in todays Chicago Tribune that states Mastro "scammed hundreds of customers of Mastro Auctions by fraudulently jacking up prices on memorabilia through shill bids and hiding information that might have lowered the value of the merchandise."

It seems to me that with this admission there should be a hell of a lot more outrage in the collecting community.

http://www.chicagotribune.com/news/l...,7686120.story

[base_ball]

When I first posted this years ago, I got in trouble with the chairman of the board. I now proudly (except for the lousy Photoshop job) post with impunity.

[WhenItWasAHobby]

Originally Posted by whitehse

There is a short article in todays Chicago Tribune that states Mastro "scammed hundreds of customers of Mastro Auctions by fraudulently jacking up prices on memorabilia through shill bids and hiding information that might have lowered the value of the merchandise."

It seems to me that with this admission there should be a hell of a lot more outrage in the collecting community.

http://www.chicagotribune.com/news/l...,7686120.story

Agreed and it's always amazed me how collectors seem to causally accept this kind of behavior as just one of the inherent prices one pays for being in the hobby.

But in fairness, I'm sure a big part of the problem is identifying exactly who was victimized and for how much and on what items. Another problem besides discovery of the fraud and statute of limitations revolves around what does Mastro have in assets for restitution. My guess is not enough to redress what has been done.

I wonder what the latest is on Doug Allen and the other defendant(s)?

[calvindog]

Originally Posted by whitehse

There is a short article in todays Chicago Tribune that states Mastro "scammed hundreds of customers of Mastro Auctions by fraudulently jacking up prices on memorabilia through shill bids and hiding information that might have lowered the value of the merchandise."

It seems to me that with this admission there should be a hell of a lot more outrage in the collecting community.

http://www.chicagotribune.com/news/l...,7686120.story

Probably too many people are embarrassed by how strongly and for how long they publicly defended this criminal.

[Rich Klein]

the "trimmed" Wagner card is now worth more than it was before. After all, it is a subject of a book and is now even more infamous. Me, personally, if I had the money, I'd actually pay the owner a profit for this card just as a converation piece. And the owner is no dummy so if he is fine with the card as it is, so am I