WASHINGTON, July 28 -- The U.S. Department of Justice'sU.S. Marshals Service issued the following news release:
The U.S. Marshals Service is selling more than 350 lots of gold and silver bullion and coins, loose diamonds, fine jewelry and watches from federal crime cases nationwide in a live and Web simulcast auction Friday, August 1, 2014, at 10:00am EDT in Miami Beach, FL and online at www.txauction.com. A preview will be held Thursday, July 31, 2014, from 11:00 am to 4:00 pm EDT at the Miami Beach Convention Center, 1901 Convention Center Dr, Rom B118.
The U.S. Marshals Service consolidates pieces from cases nationwide and holds a large auction several times a year. Proceeds generated from the auctions are used to compensate victims of crimes and supplement law enforcement programs.
Some of the cases with assets being sold are as follows:
* James Fayed/ e-Bullion of Los Angeles, Calif., participant in fraudulent "e-currency" fraud scheme in the United States and Australia, 131 total lots to include lot 134, 100 $50 Canadian Maple Leaf gold coins (1 Troy oz) with a starting bid of $115,000.
* Syed Qaisar Madad, leader of a $30 million Ponzi scheme, 38 total lots to include: lot 266, a 5.25 carat diamond engagement ring with a starting bid of $25,500 and lot 261, a 17" necklace with 28 sapphires and 318 diamonds with a starting bid of $8,000.
* Drug-related cases out of Alaska (lot 67), Southern Florida (lot 340) and Eastern New York (lot 92).
For information on the auction, including a catalog, pictures, registration and terms and conditions, go to www.txauction.com or call (512) 251-2780.
For information on the criminal cases in this news release -
Fayed/ e-Bullion : http://www.justice.gov/usao/cac/Pressroom/2012/102.html
The U.S. Marshals Service is responsible for managing and selling seized and forfeited properties acquired by federal criminals through illegal activities. Proceeds generated from asset sales are used to compensate victims, supplement funding for law enforcement initiatives and support community programs. As part of the Department of Justice's Asset Forfeiture Program, the Marshals currently manage more than 23,000 assets with a value of $2.4 billion.
Additional information about the U.S. Marshals Service can be found at http://www.usmarshals.gov.