Mastro pleads guilty

WhenItWasAHobby · #1 11-29-2012, 08:37 PM

Quote:

Originally Posted by Peter_Spaeth

And from our own hobby crusader.

"Just when I thought Bill Mastro could not be a more brazen and unrepentant criminal, he's now going to victims of his fraud asking for letters to be read at his sentencing," says New York attorney Jeff Lichtman, a longtime vintage card collector.
"He's claiming that he was indicted due to people with axes to grind. He's delusional."

Read more: http://www.nydailynews.com/sports/i-...#ixzz2DfWxTsVh

Mastro is just asking for three credit references and three PSA Authorized Dealer references so that he can become a PSA Authorized Dealer in February 2018. See link below for full details:

http://www.psacard.com/about/faq.chtml#faqid71

three25hits · #2 11-29-2012, 09:12 PM

Who would've thought that Wagner was trimmed?

Jacklitsch · #3 12-01-2012, 09:04 AM

Quote:

Originally Posted by three25hits

Who would've thought that Wagner was trimmed?

I'm shocked!

ruth-gehrig · #4 12-01-2012, 09:24 AM

A rat goes to prison

botn · #5 11-29-2012, 09:18 PM

Quote:

Originally Posted by WhenItWasAHobby

Mastro is just asking for three credit references and three PSA Authorized Dealer references so that he can become a PSA Authorized Dealer in February 2018. See link below for full details:

http://www.psacard.com/about/faq.chtml#faqid71

I am sure PSA would bend the rules like they did for JP Cohen of Memory Lane.

buymycards · #6 11-29-2012, 09:58 PM

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

Peter_Spaeth · #7 11-29-2012, 10:07 PM

Mastro was long since out of the card when PSA graded it, having sold it in 1987 to Jim Copeland. Although I have heard rumors he was involved with the grading. Agreed they don't seem to have many good options, but another one is just to play ostrich. Or I suppose they could question Mastro's credibility, and suggest he is "admitting" to trimming the card only to avoid more serious charges and more jail time.

Runscott · #8 11-29-2012, 10:07 PM

Quote:

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 · #9 11-29-2012, 10:48 PM

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

HOF Auto Rookies · #10 11-29-2012, 11:19 PM

Curious to see how this unfolds

travrosty · #11 11-30-2012, 12:20 AM

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 · #12 11-30-2012, 05:59 AM

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.
-

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