American Greed-CNBC

[Peter_Spaeth]

Originally Posted by WhenItWasAHobby

After watching the American Greed episode a second time, one thing that jumped out at me was the repeated statement that Mastro Auctions made over $200,000,000.00 in gross sales and then later filed for bankruptcy in 2009 when the Feds started breathing down their necks and making them record all auction bids thus causing the sales to plummet. If they were taking 15% buyers and 15% sellers fees, plus making profits on re-sold items, ie the Evers Lot and other items owned by Mastro, then Mastro Auctions was netting at least $60,000,000 over that duration. Obviously there was some overhead, taxes and employees salaries, but clearly a substantial portion must of gone into Bill Mastro's and Doug Allen's pockets.

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.

Most hobby criminals go scot free, so I think credit should be given even if the sentence was less than some would have liked to see.