Fraudster's collectible cars go up for auction
A vast array of collectible cars is to be put on sale following the suggestion that the purchaser bought them fraudulently. More than 200 classic and muscle cars will be put up for auction in the US after a federal magistrate said that they may have been bought with $6 million of money not belonging to the buyer, according to the Salt Lake Tribune.
Jeffrey Lane Mowen stands accused of three counts of wire fraud and one count each of solicitation to commit a crime of violence, tampering with a witness and retaliation against a witness.
In 2009 he was allegedly found to have received $18 million in investments after promising extremely high returns to bankrollers. Following a few initial payments, Mr Mowen ceased his transactions.
Among the 207 vehicles are a 1948 Plymouth DeSoto, a 1932 chopped rat custom hot rod, a 1981 Delorean and a 1925 Ford Model T "Woody," the news provider reveals.
The proceeds will either go to the victims of the fraud or Mr Mowen himself, depending on the trial's outcome.
Car prices are set to start at two-thirds of the appraised value.
