Confiscated bling goes on the auction block
By LAURA ITALIANO
Last Updated: 1:24 PM, March 5, 2010
Posted: 1:22 PM, March 5, 2010
A quarter million dollars worth in confiscated bling is going on the auction block, thanks to a pair of crooked traders who've now had to trade their Hermes cuffs for handcuffs.
The Manhattan DA's office is putting the fancy jewelry -- which includes a gold Cartier watch and gold Van Cleef and Arpels earclips -- up for auction Sunday at 3 p.m. at the Belvedere Hotel on West 48th Street.
Lucky bidders may end up with a steal. The gavel will start at only $25 for Hermes enamel cuffs.
The baubles were seized as part of the investigations against two stock traders busted in separate, multi-million-dollar investment scams, and the auction's proceeds will go to the victims, said DA spokeswoman Erin Duggan.
Former equity trading big David Holzer is serving a five- to 15-year sentence for stealing $16 million from friends he'd hoodwinked into "investing" in real estate and other ventures. Rather than invest the money, he spent it on a Porsche, an Aston Martin, Rolex watches and pricey vacations, prosecutors said.
Former Morgan Stanley securities honcho Richard Garaventa is serving a two- to six-year sentence for stealing some $2.5 million from his bosses.
Friday, March 5, 2010
Confiscated bling goes on the auction block - NYPOST.com
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