Mastro Auctions Being Investigated by the FBI

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Posted By: Jimmy

This info is disturbing, but I think it was mentioned earlier this year. Any auction house or even eBay should restrict bids by the consignor period. I have a small group of auctions every week on eBay and none of my consignors would ever bid - I can also block them from bidding if needed. When dealing with the FBI and the IRS definetly a serious matter and I just hope it does not get out of hand and things get worked out. I am sure, there is just two parties involved at this point Mastro's and the person that informed the FBI, I only hope.

Jimmy

below is from the http://www.sportscollectorsdaily.com/

The New York Daily News reported in its Sunday edition that the FBI has initiated an investigation of Chicago-based Mastro Auctions, considered the largest sports memorabilia auction house in the hobby.

There was no confirmation from the Bureau, but Daily News reporter Michael O'Keeffe reported that Bill Brandt, President of a company hired by the state of Ohio to liquidate collectibles bought with stolen state funds by convicted felon Tom Noe, had deferred some of their activities to the FBI's own investigation. Noe's holdings reportedly included items purchased from Mastro Auctions.

O'Keeffe also quoted a dealer as saying he had been interviewed within "the last ten days". Another person in the hobby also said he had been contacted by the FBI but would not comment further.