Luxury Vehicle Auction: U.S. Department of the Treasury Seized & Forfeited General Property Program
MILWAUKEE-- VSE Corporation in conjunction with Manheim Auctions will conduct a Public Auction of seized and forfeited luxury vehicles on behalf of the U.S. Department of the Treasury:
Tuesday, April 19, 2011
Auction Start: 1:00 p.m.
Manheim Milwaukee, 561 27th Street, Caledonia, WI 53108
In May of 2009 Russell Cole was found guilty of tax evasion, mail fraud, wire fraud, conspiracy to commit money laundering and conspiracy to the defraud the United States. His wife, Abby Cole, was also found guilty of tax evasion, conspiracy to commit mail fraud and wire fraud and conspiracy to defraud the United States. The Coles defrauded retailer Best Buy Co. of $41 million in a supply scheme in which they overbilled the company for computer parts.
The Coles acquired many assets during this time, including numerous luxury vehicles which were seized as a part of an investigation by the IRS-CID, the U.S. Postal Inspections Services, and the FBI. The case was prosecuted by the Minnesota United States Attorney's Office. In December 2010 Russell Cole was sentenced to 15 years in prison; Abby Cole was sentenced to 3 years of probation.
Proceeds from the auction will be deposited in the U.S. Treasury's Asset Forfeiture Fund to be made available to Best Buy Co. for restitution.
Public Auction Includes:
2005 Porsche 911 GT2 2006 Porsche Cayenne-S
2008 Mercedes S550 2005 Ford GT
Ford Cobra Kit 2005 Ferrari F430
2006 Lexus SC430 2003 Ferrari Enzo
2008 Bentley Continental 2006 Lamborghini Murcielago
2002 Aston Martin Vanquish
Preview & Pre-Registration (General Public & *Media Welcome):
*Monday, April 18th Tuesday, April 19th 11:00 a.m. - 3:00 p.m. 9:00 a.m. - 1 p.m.
Manheim Milwaukee, 561 27th Street, Caledonia, WI 53108
*Due to the nature of an auto auction, photography or video recordings of the public sale will not be possible during the auction on April 19. Media are welcome to the public preview on April 18; this will be the only opportunity to film or photograph the vehicles prior to their sale.
For descriptions and photographs of the vehicles, and Terms of Sale, visit the U.S. Treasury website: www.treas.gov/auctions/treasury/gp or call the Public Auction line for more information: 1-888-534-2828
Source: VSE Corporation
Released April 11, 2011