Mastro pleads guilty

[Runscott]

Originally Posted by buymycards

So, will PSA be indicted as being a part of this fraud?

The options are:

1. They were in cahoots with Mastro.

2. They looked the other way.

3. They are incompetent and can't detect a trimmed card. Even a T206 Wagner.

Not very good choices.

Rick

Rick, wasn't PSA created expressly for the purpose of grading the trimmed Wagner?

[egbeachley]

Am I reading it right that the statement that he trimmed the Wagner has nothing to do with the fraud?

[HOF Auto Rookies]

Curious to see how this unfolds

[travrosty]

interesting to see who is going to put their name out there as a character reference to be read in court.

psa is stuck.

[WhenItWasAHobby]

Here is an excerpt from the original indictment. As I read it regarding cards, they allegedly misrepresented the sale of the Wagner PSA 8 from a prior time. So I don't believe it was the doctoring of the card itself that's the problem, but marketing the sale of the card at a later date that's the issue.

Another issue is that they allegedly knowingly sold doctored cards and sold them without disclosure of the alterations and advertised that they would not sell cards without disclosure of the alterations. It would be very interesting to know if these cards were professionally graded and to what extent this was a problem and if there will be any way of "recalling" these cards to make restitution to the current owners of these doctored cards.



False Representations Regarding Authenticity and Condition of Items

10. It was further part of the scheme that:
a. The Code of Conduct promulgated by in 2007 made the following representations, among others, regarding Mastro Auctions’ practices concerning disclosure of information that items sold at its auctions had been altered or restored:

i. If Mastro Auctions believed or had knowledge that an item
has been altered in any way, that information would be fully disclosed in the auction catalog.
ii. When, on occasion, Mastro Auctions had items restored in order to improve their presentation, the extent and nature of any restoration would be fully disclosed.
iii.
Under no circumstances would Mastro Auctions have restoration work done on trading cards.
b. After the Code of Conduct was published:
i.
Defendants MASTRO, ALLEN, and others knowingly did not disclose to bidders material information about alterations of items sold by Mastro Auctions.
ii. Defendants MASTRO, ALLEN and others knowingly did not disclose to bidders the extent and nature of restoration work performed on items sold by Mastro Auctions.
iii. Defendants MASTRO and ALLEN, along with others associated with Mastro Auctions, caused restoration work to be done on trading cards sold by Mastro Auctions, and knowingly failed to disclose that work to bidders.
11.
It was further part of the scheme that in marketing materials distributed on behalf of Mastro Auctions, which were intended to portray Mastro Auctions to potential bidders and consignors as a premier seller of valuable items for which a strong market existed, defendant MASTRO represented that Mastro Auctions had sold the most expensive baseball card in the world, a Honus Wagner T-206 card. In making this representation, however, defendant MASTRO knowingly omitted the material fact that defendant MASTRO had altered the baseball card by cutting the sides of the card in a manner that, if disclosed, would have significantly reduced the value of the card.
-

[g_vezina_c55]

any possibility of a AUTH re-slab for the wagner By psa ?

[christopher.herman]

Should've used BVG. The Wags would never have been able to be broken out of that the titanium holder to prove that it was trimmed.
C.

[Exhibitman]

Until he allocutes or the terms of the deal are made public we won't know exactly what he's pleading to, but it is safe to assume it won't be pretty, whatever it is, and likely he traded his plea and cooperating for a lesser sentence.

I suppose Allen and Theotikos are feeling a bit like a Christian Scientist with appendicitis right about now.

Liked Jeff's quote.

[teetwoohsix]

Originally Posted by g_vezina_c55

any possibility of a AUTH re-slab for the wagner By psa ?

Well, I don't think there's any other way to go, if he testifies to altering it. Not that many didn't already believe this anyways; but by him not disclosing this earlier, he left a bit of doubt.

I'd love to hear the details, like who else was on the sheet, how many were on the sheet, was it a strip or a sheet, etc.

And, I know that has nothing to do with the fraud. Hopefully whoever was a victim of his fraud gets compensated somehow; restitution.

Sincerely, Clayton

[jcmtiger]

Originally Posted by teetwoohsix

Well, I don't think there's any other way to go, if he testifies to altering it. Not that many didn't already believe this anyways; but by him not disclosing this earlier, he left a bit of doubt.

I'd love to hear the details, like who else was on the sheet, how many were on the sheet, was it a strip or a sheet, etc.

And, I know that has nothing to do with the fraud. Hopefully whoever was a victim of his fraud gets compensated somehow; restitution.

Sincerely, Clayton

I doubt there was a sheet of cards. I don't want to start a bashing thread either way. But I knew Bill and Frank Nagy in the 1970's, 1980s. They set up at the Michigan Plymouth shows together for years. They really were a team. I bought many of my Cobb and Old judge cards from their table. I had some cards that I bought thru some antique dealers and Bill pointed out that they were not real. Bill was/is an expert on vintage cards. There are lot of new collectors piling on that know much less about cards and nothing about Bill. It's unfortunate that he trimmed this card, because it would have been worth a lot of money anyway. Bill brought a lot to the hobby, sorry that he did this to the Wagner. Not sure if ther are any "Oldtimers" on the board that remember Bill as I do. I do expect a lot negative feedback from this post.

Joe

[Runscott]

Originally Posted by teetwoohsix

but by him not disclosing this earlier, he left a bit of doubt.

Seriously? "Who", after all the discussions we've had, after the book that was written, etc, etc, could possibly have had a bit of doubt? Name this person, and then tell me how this doubt was possible.