Doj Seizes More Than $1 Million Of Collectible Stamps As Proceeds Of Criminal Fraud Scheme

This affair has just come to light. In Europe I am sure the investigation occurs prior to fine/legal action. Here, in the USA that also occurs, so it is way too early to prognosticate a final outcome/fine/settlement. Occurrences such as this at this stage, are entertaining for the onlookers, deadly serious for those involved. We will all know the outcomes when the various juries return their verdicts.
I agree txstamp it is disappointing to read The Marshall's Service will conduct the auction. Maybe "The Bond King" will decide to collect stamps again and buy them back. We'll see. This too will become clear after awhile.
Cheers mark
bunch of edits for spelling

The point is not whether or not they, actively, were involved.

The point is their business has shown itself very vulnerable to being used for money laundering (and financing of terrorism). If your business (at least financial transactions) is among those to which the relevant legislation applies, insufficient controls to identify money laundering or financing of terrorism are cause for being fined heavily. If the law does not apply to your business, you, now, are highly likely to have attracted the attention of the inland revenue.

Many years ago when I used agents, I used one who would bid and buy in their name and sell to me. This was only an issue for me with one or two auction houses that I really disliked doing direct business with. Occasionally I'd really want something they had for sale.

I buy under my own account and re-sell - often 3 or 4 different clients in an important sale. I do not take firm bids - those would be bidders can leave bids on the book. Certain houses I will not bid with based on chronic mis-representation of lots, non delivery of lots prior to my payment, etc.. etc.

I do purchase using my discretion after understanding exactly the client's tolerance for pain at the hammer number and more often, based on client's condition requirements. I spent many millions of dollars buying this way, as well as direct from private collectors, for Steve Chazen (aka "Magnolia collection" in Siegel parlance). Steve was known to dealers but very few collectors.

GMC - B Gross was not the seller, so he could not buy them back. The auction in question was India stamps

I stand corrected and I thank you eyeonwall.
Regards mark

The India sale was May 2023 and listed as "Magnolia Collection, India, Part 1" by Siegel. As mentioned in previous post, That was Steve Chazen's material. Steve, a well known oil man and past CEO of "Occidental Petroleum," passed away in September 2022. His collections, when all is sold, will probably end being the most valuable ever formed by an American to date. He collected Catalina Island, Texas, Macau, China, US Post Offices in China and Japan, Nepal, Tibet, India, all mail of SE Asia, Texas maps, etc, etc. - a true collector.

A comment a little off topic.

Thank you, Richard Frajola, for some info on the collector behind the Magnolia collection.

When I saw the catalogs and the number of catalogs, I made an assumption it was assembled by more than one individual. The depth and quality presented is amazing.

I am not a postal history collector and certainly do not have resources anywhere near that on display in the Magnolia. But I do like seeing rarity and quality and this collection has both, plus quantity.

I have come to realize, the truly rare items, many times are not seen in public auctions. They are traded privately.

For eye candy on worldwide quality and rarity in stamps and covers, the online Museum of Philately is a must see. I shows me why I do not see many wonder stamps for sale. They are in collections.