Bloomberg has an article about William Mastro, the former principal of Mastro Auctions which specialized in sports memorabilia being indicted for defrauding bidders, by hiding alterations to a Honus Wagner baseball card, hair from Elvis Presley and a baseball.
Bloomberg reports
Source: BloombergWilliam Mastro, a sports memorabilia auctioneer, was indicted by a U.S. grand jury for defrauding bidders through actions that included hiding alterations to a rare Honus Wagner baseball card.
Chicago’s Acting U.S. Attorney Gary Shapiro announced charges today against the former Mastro Auctions principal and three other men. The portrait of Wagner, who played shortstop for the Pittsburgh Pirates a century ago, is “the world’s most expensive baseball trading card,” he said.
“Mastro allegedly failed to disclose that he had altered the Wagner T-206 card by cutting the sides in a manner that, if disclosed, would have significantly reduced the value of the card,” Shapiro said.
Mastro and two other defendants deceived prospective bidders about the fairness and competitiveness of the company’s auctions, according to the indictment unsealed in federal court in Chicago.
Other items that Mastro, 59, and former Chief Operating Officer Doug Allen are accused of auctioning while knowing their condition was misrepresented include hair from Elvis Presley and “a purported 1869 Cincinnati Red Stockings trophy baseball,” according to Shapiro.
Michael Monico of Chicago, Mastro’s lawyer, said his client will take responsibility for his actions.
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