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

[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.

[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!

[hcv123]

Originally Posted by atx840

That is fantastic!

[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.

[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.

[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

[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.

[ls7plus]

Originally Posted by calvindog

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

The statute of limitations might also be tolled, if the defendant actively concealed the cause of action from the knowledge of the plaintiff.

Larry

[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.

[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.