TAMPA, Fla., June 16, 2006 – LAWFUEL – Press Release Service – A federal district court has ordered the auction sale of four Ferraris and other luxury items. Mark Bernet, the court-appointed receiver, will hold a public auction beginning at 10 am, Saturday, June 24th, to liquidate assets of Peoples Credit First, LLC and related companies located at 4620 North Hale Avenue, Tampa.
Proceeds of the auction will be used to help repay the thousands of victims that were defrauded by the companies in a fraudulent credit card scheme. Unwary consumers were led to believe they would receive a major credit card company’s platinum card for about $50. But after they sent in their money, they learned that they had purchased a membership in a merchandise club, and could use their “credit card” only to purchase items out of a catalog of overpriced merchandise. In a period of three years the scam raised over $10 million, much of which was spent on lavish items.
Offerings at the auction include four Ferraris, including a rare F40 (which is expected to bring in excess of $250,000), two Mercedes Roadsters, a BMW 300i, a GMC Yukon Denali, Rolex watches, a diamond solitaire ring, a Howard Miller limited-edition grandfather clock, Swarovski limited-edition crystal collectibles, plush office furnishings, computers, a pool table, an English-style pub bar, and much more.
Auction details can be found on the web at http://www.kincaid.com, or call Randy Kincaid Auction Company of Lakeland, phone: (800) 970-1977.
Mark J. Bernet, Receiver
Buchanan Ingersoll PC