Ponzi Scheme Defendant's Car Collection up for Grabs
U.S. marshals will auction nearly 200 vehicles seized from Jeffrey Mowen, who is charged with running a Ponzi scheme. Mowen pleaded not guilty after his April arrest in Panama, but a federal judge ruled that authorities could hold an auction because they are paying $20,000 a month just to store his cars, motorcycles, RVs, dune buggies and golf carts.
Two auctions are set for January.
Trade publications say a lot of Mowen's so-called classics actually are fiberglass kit cars with little value. One supposed Lamborghini is mounted on a Pontiac Fiero chassis. A 1939 Jaguar replica was built from a 1984 Cadillac frame, according to the judge's auction order.
Among the genuine cars are a 1981 DeLorean sports coupe, a 1989 Bentley Turbo, a 1969 Dodge Charger and a 1973 Plymouth Barracuda.
Other replicas are Porsche and Ford roadsters. Among dozens of motorcycles is a Peter Fonda Easy Rider clone.
Many of the cars have never been driven and some motorcycle tanks never filled with gasoline.
Most vehicles are so clean "you could eat dinner off the engine," auctioneer Rob Olsen told The Associated Press. "I've never seen cars this nice."
Olsen said federal agents "had to snatch-and-grab and pick them up from all places" around Utah.
Marshals started moving them Wednesday from an undisclosed storage facility to a North Salt Lake warehouse for the auctions.
The government hopes to raise about $2 million from auctions in January, and the money will go to Mowen's investors, who are owed more than $8 million, prosecutors said.
"We will set minimum prices or reserves on the vehicles because we've got to maximize the return for investors," Deputy U.S. Marshal Dan Juergens said Wednesday. "Still, I think people are going to get some real good deals."
It wasn't known if Mowen, 47, who is being held in jail, objects to the sale of his property when he hasn't been found guilty.
Source: Ponzi Scheme Defendant's Car Collection up for Grabs
Two auctions are set for January.
Trade publications say a lot of Mowen's so-called classics actually are fiberglass kit cars with little value. One supposed Lamborghini is mounted on a Pontiac Fiero chassis. A 1939 Jaguar replica was built from a 1984 Cadillac frame, according to the judge's auction order.
Among the genuine cars are a 1981 DeLorean sports coupe, a 1989 Bentley Turbo, a 1969 Dodge Charger and a 1973 Plymouth Barracuda.
Other replicas are Porsche and Ford roadsters. Among dozens of motorcycles is a Peter Fonda Easy Rider clone.
Many of the cars have never been driven and some motorcycle tanks never filled with gasoline.
Most vehicles are so clean "you could eat dinner off the engine," auctioneer Rob Olsen told The Associated Press. "I've never seen cars this nice."
Olsen said federal agents "had to snatch-and-grab and pick them up from all places" around Utah.
Marshals started moving them Wednesday from an undisclosed storage facility to a North Salt Lake warehouse for the auctions.
The government hopes to raise about $2 million from auctions in January, and the money will go to Mowen's investors, who are owed more than $8 million, prosecutors said.
"We will set minimum prices or reserves on the vehicles because we've got to maximize the return for investors," Deputy U.S. Marshal Dan Juergens said Wednesday. "Still, I think people are going to get some real good deals."
It wasn't known if Mowen, 47, who is being held in jail, objects to the sale of his property when he hasn't been found guilty.
Source: Ponzi Scheme Defendant's Car Collection up for Grabs
