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#1
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I don't know if this solves the problem but I see the extra footage is also posted on YouTube now. I hope this helps! Here are the links:
https://youtu.be/2QeAzcdNRLc https://youtu.be/niopU2C43ys https://youtu.be/5XbgTccK_6o Many may find very interesting to read a copy of Mastro Auctions' mass email first announcing the "Mastro Auctions Code of Professional Conduct." A cut-and-paste appears below! * From: email@mastroauctions.com To: Sent: 9/13/2007 8:33:59 A.M. Eastern Daylight Time Subj: Mastro Auctions Code of Professional Conduct Dear Valued Customer: When it comes to business ethics and integrity, Mastro Auctions has operated ever since its inception under the premise that actions speak louder than words. We thought, perhaps naively, that that was enough. I have talked to a lot of customers over the last few months, both at the National Convention and through my travels, and have come to the conclusion that our customers, in fact, expect more. As the hobby continues to evolve and new concerns plague our industry, the time to assume a proactive stance has arrived. To that end, Mastro Auctions is taking our unwritten code of professional conduct to the next level by enhancing the code and memorializing it in writing (see below). This act of leadership is not required by law or by the industry, but it represents the high standards of commitment and responsibility that Mastro Auctions has always embodied. Since we just missed our deadline for the October Classic sale to make this announcement, this code will appear in and be in full effect for our December Premium Catalog sale. As always, we greatly value your support and assistance. By working proactively as a team, we can make a difference in the hobby we all enjoy today -- and ensure that it is headed in the right direction for future enthusiasts. Sincerely yours, Doug Allen President & COO Mastro Auctions Mastro Auctions Code of Professional Conduct 1. Disclosure of Ownership Mastro Auctions allows employees, authenticators, the Mastro Auctions corporate entity and other third party affiliates to own and consign items in Mastro Auctions’ sales. Mastro Auctions will disclose in its catalogs which items are owned by any of the aforementioned parties. PLEASE NOTE: The definition of ownership extends to spouses and immediate family members associated with the aforementioned groups. 2. Mastro Auctions Employee Bidding Rules Certain Mastro Auctions employees are also collectors, and, similar to the practices followed by other major auction houses (e.g. Sotheby’s, Christies, etc.) are permitted to bid in Mastro Auctions sales. The following restrictions have been placed on the bidding practices of employee(s) to ensure fairness for all auction participants: *Mastro Auctions employees do not have access to ceiling or “top-all” bids. One designated administrative employee will have access to this information for the sole purpose of responding to bidding questions or for correcting bid errors. That designated individual will not be allowed to bid in the auction.* Mastro Auctions employees, the Mastro Auctions corporate entity, and all third party affiliates (authenticators, service providers, etc.) are considered related parties. These related parties are prohibited from bidding on each other’s consigned items. PLEASE NOTE: The definition of the Mastro Auctions “related parties” extends to family members. 3. Disclosure of Restoration If Mastro Auctions believes or has knowledge that an item has been altered in any way, this information will be fully disclosed in the auction catalog. Occasionally, we will have items restored in order to improve their presentation quality. In these cases, the extent and nature of any restoration will be fully disclosed. Under no circumstances will we have restoration work done on trading cards. 4. Trading Card Guidelines Mastro Auctions prohibits its employees from altering trading cards. Our policy on altering trading cards is in strict compliance with standards set by all major grading companies. 5. Use of Third Party Authenticators Mastro Auctions is a company of experts. In almost all of the collecting genres handled by the company, there is an employee on staff who specializes in that area. As a result, before an item ever reaches a third party authenticator, it must first pass our scrutiny. Once an item that requires third party authentication has been accepted by Mastro Auctions, the following process will be employed: for each auction, the catalog will identify approved third party authenticating sources by category. We will not sell an item unless it has been authenticated by one of the listed third party authenticators. ** 6. Bidding Records Effective for auctions held in 2007, all Mastro Auctions bidding records are maintained into perpetuity. These records are considered private and confidential. In order to maintain the privacy of our customers’ information, these records will not be voluntarily shared with any third parties. This e-mail was sent from an information only e-mail address and cannot receive incoming messages. Please send e-mail to CustomerService@mastroauctions.com. Last edited by Robert_Lifson; 08-27-2017 at 08:25 PM. |
#2
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Indeed.
If Mastro Auctions believes or has knowledge that an item has been altered in any way, this information will be fully disclosed in the auction catalog. Occasionally, we will have items restored in order to improve their presentation quality. In these cases, the extent and nature of any restoration will be fully disclosed. Under no circumstances will we have restoration work done on trading cards.
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#3
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Wasn't Mastro Auction tried to be become a public company at one time??? Mastro and his team would have been in much longer jail time. They were "lucky" they didn't make it to a public company..
![]() Last edited by hshrimps; 08-27-2017 at 09:15 PM. |
#4
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Just watched last night. Big kudos to Ryan and Jeff. Would have liked to have heard more about the actual investigation and whether there was any restitution for those who were defrauded. I don't know enough about the details of the sentencing. I seem to recall that Mastro ratted out Allen to get a reduced sentence.
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... http://imageevent.com/derekgranger HOF "Earliest" Collection (Ideal - Indiv): 244/342 (71.4%) 1914 T330-2 Piedmont Art Stamps......: 114/119 (95.8%) 1923 V100 Willard's Chocolate............: 177/180 (98.3%) |
#5
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There was no restitution that I am aware of.
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#6
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Thank you, Robert. ![]()
__________________
52 Topps cards. https://www.flickr.com/photos/144160280@N05/ http://www.net54baseball.com/album.php?albumid=922 |
#7
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Looking back I wonder if he was going to ponzi those investors, but the idea never gained momentum because the investor had all the risk but very little upside except to what Mastro would allow as far as appreciation of your shares and of course the initial purchase price. If someone else remembers more about this or more correctly then please feel free to correct me. |
#8
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Bill Mastro had to pay a fine. No restitution. It would have been a logistical nightmare to try to figure out actual losses and come up with an amount to be paid. But I'm sure now that he is out of prison and has had a spiritual awakening, he is working hard crunching the numbers to figure out how much he stole so he can pay it back and make things right. Look for your checks as soon as GAI opens on Monday.
-Ryan |
#9
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Was there any financial accountability of those two during the investigation, trial or sentencing for seizing assets or were they found to be conveniently broke? As Ryan Christoff wisely noted in the closing of the program, the punishment didn't appear to fit the crime.
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"The only thing necessary for the triumph of evil is for good men to do nothing." - Edmund Burke "It's easier to fool people than to convince them that they have been fooled." - Mark Twain Last edited by WhenItWasAHobby; 08-30-2017 at 04:01 PM. |
#10
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__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#11
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I wondered the same thing about how in the world they went bankrupt. Unfortunately, what most people and many companies do, is as more $$ come in, they spend more and more, often in stupid ways.
To your last question, the company could easily have "gone bankrupt" while the people that ran it got rich. That's the protection of incorporating. If the business goes bad, you aren't personally liable. So they may have paid themselves into bankruptcy, whether intentional or not, only they would know. |
#12
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__________________
Frank Evanov |
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