Cars owned by Ponzi schemer to be auctioned
In December, a federal judge sentence Byron Keith Brown to 15 years in prison for bilking people out of $17 million in an Internet Ponzi scheme.
On Tuesday, you can buy his luxury cars during an auction run by the U.S. Treasury Department being held in Ellicott City (photo at left provided by the treasury department).
Brown was convicted after a three-week trial in U.S. District Court in Baltimore. He ran a company called "In God We Trust Financial Services" and several others under different names in Virginia and Maryland. He used to live in Ellicott City.
Prosecutors said that from 2003 to 2009, Brown pushed an investment scheme in which he created fake investors to give the appearance that people were sending him up to $1 million "Brown used funds from new investors to make payments to old investors and to conceal his diversion of investors' monies," prosecutors said.
With Brown securely in prison, the feds can now auction off his cars. Here's a list:
2007 Lamborghini Murcielago 2005 Rolls Royce Phantom
2004 Mercedes Benz Maybach 57 2006 Aston Martin
2008 Maserati Gran Turismo 2002 Ferrari 360
2004 Bentley Continental 2007 Jaguar XKR CPE
1936 Auburn Speedster 2006 Land Rover
2006 Mercedes Benz S500 2005 Land Rover Range Rover
2007 BMW 3 Series 2004 Audi AA8
2005 BMW 7 Series 2005 Volkswagen Beetle
2005 GMC Canyon
For more information:
The auction will be conducted on behalf of the U.S. Department of the Treasury at 1:00 p.m. on Tuesday, March 1, 2011 at the Manheim Baltimore-Washington location, 7120 Dorsey Run Road, Elkridge, MD, 21075.
Brown acquired the luxury vehicles being auctioned through his involvement in an online ponzi scheme through which he fraudulently obtained over $17 million from online investors. These vehicles were seized from him as part of an investigation by IRS – Criminal Investigation and the prosecution of the case by the U.S. Attorneys Office. Byron Keith Brown was sentenced on December 21, 2010 to 15 years in prison followed by three years of supervised release for wire fraud and money laundering.
The general public may preview the vehicles at the Manheim Baltimore-Washington location, 7120 Dorsey Run Road, Elkridge, MD, 21075, on Monday, February 28, 2011 from 1:00 p.m. until 4:00 p.m. Previews are open to the media.
For more information about this auction please call the Auction line at 1-888-534-2828.