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OT: Auctioneer Ethics?
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Posted by Rauville on September 21, 2004 at 07:58:58 from (209.180.79.89):
Last week, I was ready to haul a tractor to consign to a area auctioneer's machinery sale...until the following appeared in the local newspaper (I x'd out his name, just in case this is not proven).
My question is: How can states continue to license auctioneers with a history like this?
The newspaper link below may or may not work, since they have a registered site.
_________________________________________________ "Dawson man indicted for bank fraud" "By Terry O'Keefe, Public Opinion Staff Writer
Tuesday, September 14, 2004 2:28 PM CDT
MINNEAPOLIS - A Dawson man formerly from the Gary, S.D., area, has been indicted on federal charges of bank fraud.
Lxxx Txxxxx, 56, was indicted by a federal grand jury for an alleged check kiting scheme that defrauded two western Minnesota banks.
According to the U.S. Attorney for Minnesota Thomas Heffelfinger, the indictment alleges that over an undisclosed period of time, Txxxxx wrote checks on accounts he held at the United Prairie Bank of Madison and the State Bank of Taunton in amounts that exceeded the amount of money in the accounts.
Heffelfinger said check kiting is a scheme where someone writes a check from one account and deposits it in another account, anticipating a delay between the time it is deposited and the time it is presented to the other bank for payment.
By repeating the process, Heffelfinger said bank account balances become artificially inflated by passing insufficient funds checks between two accounts.
Txxxxx is accused of defrauding the two banks of an estimated $267,000.
He currently runs an auction service and also operates a used machinery sales business in the Dawson area.
Txxxxx previously operated his auction business and machinery sales in South Dakota.
In 1995, he was charged and convicted in South Dakota for defrauding people he held auction sales for by not paying the full proceeds of the sales. In November 1995, Txxxxx entered into a plea bargain where he pleaded guilty to one charge of grand theft for embezzling $111,480 from a northeast South Dakota farmer whose property was consigned as part of an auction sale conducted by Txxxxx.
Three other charges of grand theft were dropped as part of the plea bargain and Txxxxx was sentenced to five years in the S.D. State Penitentiary. In December 1995, Txxxxx was charged in federal court in Minnesota with defrauding a credit union in Dawson and a bank in Gary, S.D., of an estimated $611,000.
Those charges were related to a check kiting scheme that Txxxxx allegedly carried out over three months in 1992. He was released from the S.D. State Penitentiary in October 1997, but also reportedly served time in a Minnesota prison on those charges.
Heffelfinger said if convicted of the current charges, Txxxxx would face a maximum penalty of 30 years in prison, a $250,000 fine or both.
The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney John Docherty."
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