Stanford Auction Draws Variety of People

HOUSTON (AP) _ Hundreds of bidders, buyers and plain curiosity-seekers crowded in a sweltering warehouse to see, bid on or just gawk at items that comprised the assets of disgraced Houston billionaire R. Allen Stanford’s collapsed empire.

Overall, the Seth Worstell Auction Co. expected to raise at least $250,000 from the Saturday auction to be delivered to the court-appointed receiver of the failed 61-year-old financier’s empire.

Stanford awaits trial Sept. 12 on charges relating to what federal prosecutors call a $7 billion investor fraud. Until then, he remains in federal custody without bond. He has denied the charges.

The Houston Chronicle reports that a $55,000 Baccarat crystal eagle that had served as Stanford’s corporate logo was auctioned off for less than a third of its retail value.

Information from: Houston Chronicle

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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