Mastro and Allen Indicted

[e107collector]

Oh boy. Doesn't sound good.

I think each count of fraud carries a maximum sentence of 20 years and a hefty fine. Don't quote me on the numbers, but they are serious charges.

Tony

[peterose4hof]

I wonder how it is that they determined Allen (14 counts) was much more culpable than Mastro (1 count).

[t206fix]

Phew! I am so glad that I didn't buy that t206 Wagner!

[e107collector]

The article states that Mastro didn't disclose that the T206 Wagner was altered by cutting it from the sheet, however, PSA graded the card as an 8.

I wonder if PSA will be investigated to see how that happened?

Tony

[Runscott]

Originally Posted by e107collector

The article states that Mastro didn't disclose that the T206 Wagner was altered by cutting it from the sheet, however, PSA graded the card as an 8.

I wonder if PSA will be investigated to see how that happened?

Tony

Interesting. Did Mastro claim that it was unaltered? Didn't the guy at PSA who graded it, state that in the condition he received it, it was deemed by him to deserve that grade? Since it was the first card PSA graded, perhaps they simply changed their grading standards immediately after that one was slabbed.

Also, everyone has known for a long time that the slabbed Wagner was trimmed - way back to Gretzky - and that has not "significantly reduced the value of the card." In fact, the trimming story and resulting book may actually have caused the value of the card to increase.

[lharri3600]

They should be!

Originally Posted by e107collector

the article states that mastro didn't disclose that the t206 wagner was altered by cutting it from the sheet, however, psa graded the card as an 8.

I wonder if psa will be investigated to see how that happened?

Tony

[T206DK]

Originally Posted by e107collector

The article states that Mastro didn't disclose that the T206 Wagner was altered by cutting it from the sheet, however, PSA graded the card as an 8.

I wonder if PSA will be investigated to see how that happened?

Tony

I would hope that something is now done about the misrepresented Wagner card, and the company that made its name off of grading it.
This whole story is shameful

[atx840]

According to Legendary

1. PSA NM-MT 8: Bill Mastro → Jim Copeland → Wayne Gretzky/Bruce McNall → Mike Gidwitz/Rob Lifson → Brian Siegel → Private Investor

2. Borderline NM (and oversized): Lew Lipset → Mastro → Barry Halper → Baseball Hall of Fame in Cooperstown

3. EX+ or slightly better (with strong corners): Richard Gelman → Corey Shanus

4. PSA EX 5: Leland’s → Mastro → Scott Ireland

5. PSA EX 5 MC (“jumbo”-sized): Mastro → John Rogers

6. EX: Mastro → Dr. Robert Goode → Mark Macrae

7. EX: Larry Fritsch

8. VG-EX 4: The Dreier Collection

9. EX appearance (but adhered to an album page): Jefferson Burdick → Metropolitan Museum of Art.

[RUSH2112]

American justice is almost comical when seen from a distance.

MF Global's Jon Corzine can't account for $1.6 billion of investors money and still enjoying the good life and yet the Feds are going after some guy that misrepresented an old baseball card and supposedly did some shill bidding on items consigned to his auction house. There are hundreds of Wall street crooks that should be served with papers ahead of these guys.

He's already paid the price for his mistakes as far as I am concerned.

[Peter_Spaeth]

What price did he pay?

[calvindog]

Originally Posted by Peter_Spaeth

What price did he pay?

The guilt he felt about stealing all his friends' money?

[WhenItWasAHobby]

For those of you not familiar with these individuals, here are two informative articles:

http://www.psacard.com/articles/arti...tml?artid=4511

http://www.psacard.com/articles/arti...tml?artid=4763

[oldjudge]

To the many lawyers on the board, what do you estimate the time horizon is for all this to come to trial? I have heard today that the Legendary Live Auction at the National is still on, as well as the August auction to follow shortly thereafter.

[Peter_Spaeth]

Originally Posted by WhenItWasAHobby

For those of you not familiar with these individuals, here are two informative articles:

http://www.psacard.com/articles/arti...tml?artid=4511

http://www.psacard.com/articles/arti...tml?artid=4763

"Article not found."

[Leon]

Originally Posted by RUSH2112

American justice is almost comical when seen from a distance.

MF Global's Jon Corzine can't account for $1.6 billion of investors money and still enjoying the good life and yet the Feds are going after some guy that misrepresented an old baseball card and supposedly did some shill bidding on items consigned to his auction house. There are hundreds of Wall street crooks that should be served with papers ahead of these guys.

He's already paid the price for his mistakes as far as I am concerned.

You can say almost anything you want but you are going to need to have your name in your posts...nothing personal it's just the rules. You can put a period between some letters to not show up in searches, if you want to...thanks for yours and everyone's understanding in this thread....

[RUSH2112]

Originally Posted by Leon

You can say almost anything you want but you are going to need to have your name in your posts...nothing personal it's just the rules. You can put a period between some letters to not show up in searches, if you want to...thanks for yours and everyone's understanding in this thread....

If my statements have harmed Jon Corizines reputation then please, by all means, remove my post. Should his lawyer call, feel free to give him or her my full name and phone number, which you already have in your database.

[Matt]

This quote is fascinating in light of the discussions with Heritage and Hunts and how they use a house account to bid and don't distinguish it from any other bid:

They further intended to deceive participants into believing that greater market demand existed for some items than actually was the case, the charges allege.

Originally Posted by RUSH2112

If my statements have harmed Jon Corizines reputation then please, by all means, remove my post. Should his lawyer call, feel free to give him or her my full name and phone number, which you already have in your database.

Thats not the point. The point is it's the rules and this isn't the first thread you have made comments in that should have required your name. I really don't have any say in this but you should respect the rules like everyone else.

[calvindog]

Lol

[calvindog]

Originally Posted by RUSH2112

American justice is almost comical when seen from a distance.

MF Global's Jon Corzine can't account for $1.6 billion of investors money and still enjoying the good life and yet the Feds are going after some guy that misrepresented an old baseball card and supposedly did some shill bidding on items consigned to his auction house. There are hundreds of Wall street crooks that should be served with papers ahead of these guys.

He's already paid the price for his mistakes as far as I am concerned.

Yes, this makes a lot of sense. And I just lost 5 IQ points reading this post.

[Runscott]

Originally Posted by calvindog

Yes, this makes a lot of sense. And I just lost 5 IQ points reading this post.

We can't consider your measly 5 IQ points, until after we've dealt with the guys like me who lost 10-20.

[Brian Van Horn]

Now, for the obvious question:

Will this lead to an additional investigation of Legendary Auctions?

[Jlighter]

Originally Posted by RUSH2112

American justice is almost comical when seen from a distance.

MF Global's Jon Corzine can't account for $1.6 billion of investors money and still enjoying the good life and yet the Feds are going after some guy that misrepresented an old baseball card and supposedly did some shill bidding on items consigned to his auction house. There are hundreds of Wall street crooks that should be served with papers ahead of these guys.

He's already paid the price for his mistakes as far as I am concerned.

Last I checked it is not against the law to lose peope's money in a legal manner. Again that was last I checked.

Jake Lighter

[ruth-gehrig]

Looking forward to seeing what comes of it.

[rainier2004]

I think a name is missing in this thread.......

[slidekellyslide]

I wonder what this means for their current operations? Legendary is currently sitting on one of the best prewar collections of all time.

[g_vezina_c55]

the charge are for principally shill bidding if i understand good, and not for the psa 8 wagner....

i understand correctly?

[drc]

Guess they'll have to dissolve and start a third auction house next week. I predict it will be called Super Auctions.

[Anthony S.]

Originally Posted by drc

Guess they'll have to dissolve and start a third auction house next week. I predict it will be called Super Auctions.

I just checked, www.pleasedontindictusagainauctions.com is still available

[Davy_Kangaroo_Jones]

Wowsers.

[esd10]

all i can say is wow and what is psa going to do? refund the money these people spent on the wagner? so its a a psa auth because it has been altered.

[esd10]

the book the card shed alot of light on the t206 wagner and was a great read