Mastro pleads guilty

[travrosty]

interesting to see who is going to put their name out there as a character reference to be read in court.

psa is stuck.

[WhenItWasAHobby]

Here is an excerpt from the original indictment. As I read it regarding cards, they allegedly misrepresented the sale of the Wagner PSA 8 from a prior time. So I don't believe it was the doctoring of the card itself that's the problem, but marketing the sale of the card at a later date that's the issue.

Another issue is that they allegedly knowingly sold doctored cards and sold them without disclosure of the alterations and advertised that they would not sell cards without disclosure of the alterations. It would be very interesting to know if these cards were professionally graded and to what extent this was a problem and if there will be any way of "recalling" these cards to make restitution to the current owners of these doctored cards.



False Representations Regarding Authenticity and Condition of Items

10. It was further part of the scheme that:
a. The Code of Conduct promulgated by in 2007 made the following representations, among others, regarding Mastro Auctions’ practices concerning disclosure of information that items sold at its auctions had been altered or restored:

i. If Mastro Auctions believed or had knowledge that an item
has been altered in any way, that information would be fully disclosed in the auction catalog.
ii. When, on occasion, Mastro Auctions had items restored in order to improve their presentation, the extent and nature of any restoration would be fully disclosed.
iii.
Under no circumstances would Mastro Auctions have restoration work done on trading cards.
b. After the Code of Conduct was published:
i.
Defendants MASTRO, ALLEN, and others knowingly did not disclose to bidders material information about alterations of items sold by Mastro Auctions.
ii. Defendants MASTRO, ALLEN and others knowingly did not disclose to bidders the extent and nature of restoration work performed on items sold by Mastro Auctions.
iii. Defendants MASTRO and ALLEN, along with others associated with Mastro Auctions, caused restoration work to be done on trading cards sold by Mastro Auctions, and knowingly failed to disclose that work to bidders.
11.
It was further part of the scheme that in marketing materials distributed on behalf of Mastro Auctions, which were intended to portray Mastro Auctions to potential bidders and consignors as a premier seller of valuable items for which a strong market existed, defendant MASTRO represented that Mastro Auctions had sold the most expensive baseball card in the world, a Honus Wagner T-206 card. In making this representation, however, defendant MASTRO knowingly omitted the material fact that defendant MASTRO had altered the baseball card by cutting the sides of the card in a manner that, if disclosed, would have significantly reduced the value of the card.
-

[g_vezina_c55]

any possibility of a AUTH re-slab for the wagner By psa ?

[christopher.herman]

Should've used BVG. The Wags would never have been able to be broken out of that the titanium holder to prove that it was trimmed.
C.

[Exhibitman]

Until he allocutes or the terms of the deal are made public we won't know exactly what he's pleading to, but it is safe to assume it won't be pretty, whatever it is, and likely he traded his plea and cooperating for a lesser sentence.

I suppose Allen and Theotikos are feeling a bit like a Christian Scientist with appendicitis right about now.

Liked Jeff's quote.

[calvindog]

Originally Posted by Exhibitman

I suppose Allen and Theotikos are feeling a bit like a Christian Scientist with appendicitis right about now.

Damnit. Your quote was better.

Stealing it if I get the chance, just so you know.

[base_ball]

How wonderful to see the juxtaposition of the posts "Mastro pleads guilty" and "Legendary Winners - Part I" today! Isn't it delightful that the head of the company on whose watch these frauds were perpetrated will see little to no jail time! How grand that Mr. Mastro's legacy carries on with his co-defendants running the store! We truly live in the greatest country in the world!

[teetwoohsix]

Originally Posted by g_vezina_c55

any possibility of a AUTH re-slab for the wagner By psa ?

Well, I don't think there's any other way to go, if he testifies to altering it. Not that many didn't already believe this anyways; but by him not disclosing this earlier, he left a bit of doubt.

I'd love to hear the details, like who else was on the sheet, how many were on the sheet, was it a strip or a sheet, etc.

And, I know that has nothing to do with the fraud. Hopefully whoever was a victim of his fraud gets compensated somehow; restitution.

Sincerely, Clayton

[jcmtiger]

Originally Posted by teetwoohsix

Well, I don't think there's any other way to go, if he testifies to altering it. Not that many didn't already believe this anyways; but by him not disclosing this earlier, he left a bit of doubt.

I'd love to hear the details, like who else was on the sheet, how many were on the sheet, was it a strip or a sheet, etc.

And, I know that has nothing to do with the fraud. Hopefully whoever was a victim of his fraud gets compensated somehow; restitution.

Sincerely, Clayton

I doubt there was a sheet of cards. I don't want to start a bashing thread either way. But I knew Bill and Frank Nagy in the 1970's, 1980s. They set up at the Michigan Plymouth shows together for years. They really were a team. I bought many of my Cobb and Old judge cards from their table. I had some cards that I bought thru some antique dealers and Bill pointed out that they were not real. Bill was/is an expert on vintage cards. There are lot of new collectors piling on that know much less about cards and nothing about Bill. It's unfortunate that he trimmed this card, because it would have been worth a lot of money anyway. Bill brought a lot to the hobby, sorry that he did this to the Wagner. Not sure if ther are any "Oldtimers" on the board that remember Bill as I do. I do expect a lot negative feedback from this post.

Joe

[drc]

I don't doubt that he's very knowledgeable about cards. I always assumed that.

[williamcohon]

Interesting dilemma, isn't it, to find out that someone who made a positive contribution followed it up with something morally reprehensible? I guess there are people who credit Mastro with guidance and even inspiration. And plenty of others respected him as one of the central figures in card collecting.

Well, all right, no need to reinterpret good deeds.

And yet, the damage he inflicted on the hobby is huge. Desecrating the t206 Wagner is inexcusable. And on top of that, PSA takes serious hit. The only question is whether it is their integrity or competence which is lacking.

[Runscott]

Originally Posted by teetwoohsix

but by him not disclosing this earlier, he left a bit of doubt.

Seriously? "Who", after all the discussions we've had, after the book that was written, etc, etc, could possibly have had a bit of doubt? Name this person, and then tell me how this doubt was possible.

[Peter_Spaeth]

Originally Posted by Runscott

Seriously? "Who", after all the discussions we've had, after the book that was written, etc, etc, could possibly have had a bit of doubt? Name this person, and then tell me how this doubt was possible.

David Hall?

[WhenItWasAHobby]

Originally Posted by Peter_Spaeth

David Hall?

LOL! Yes indeed; the last remaining holdout in the hobby.

Re-reading the O'Keeffe article about Hall below, at one point Hall allegedly said,

"We never considered that it had been altered".

There are several ways one can interpret that comment.

http://www.nydailynews.com/blogs/ite...not-in-private

[barrysloate]

Originally Posted by Runscott

Seriously? "Who", after all the discussions we've had, after the book that was written, etc, etc, could possibly have had a bit of doubt? Name this person, and then tell me how this doubt was possible.

While I agree with you Scott, there were more than a few people who believed this was nothing more than an unsubstantiated rumor. How many people on this board, when the subject came up, said there was no way you could prove it was trimmed? Now it can be confirmed.

[Runscott]

Originally Posted by barrysloate

While I agree with you Scott, there were more than a few people who believed this was nothing more than an unsubstantiated rumor. How many people on this board, when the subject came up, said there was no way you could prove it was trimmed? Now it can be confirmed.

I now, a lot of people said that, but even before the book (and the recent confessions) came out, there was a large group of us who were 100% sure that it WAS trimmed. I was digging around in the archives six months or so ago, and found some of the old discussions - so I'm not being a hypocrite here, or revising history. It looks like there is no amount of evidence, short of an actual film showing the trimming, that will convince some people.

[teetwoohsix]

Originally Posted by Runscott

Seriously? "Who", after all the discussions we've had, after the book that was written, etc, etc, could possibly have had a bit of doubt? Name this person, and then tell me how this doubt was possible.

Seriously. Me.

After reading the book "The Card" a couple of times, I still had reservations.

The grainy black and white photo of the card in it's "un-trimmed" state was convincing, but I couldn't wrap my brain around the logic of cutting up the only known sheet (with a Wagner and a Plank!!)of T206's into singular cards, thinking it would make him more money. And, that was the given scenario in the book, that it was cut from a sheet. I felt someone with as much knowledge about cards would've instantly known the signifigance of this "sheet", and how valuable it would've been in it's entirety. I would think far more valueable than broken down into single cards.

Now, if it wasn't cut from a sheet, or strip, I could see why he trimmed it;for financial gain. But, to cut up a sheet? Don't get that. *Not saying trimming it is right, I would've left it alone*

So, I had doubts. And, I have no problem admiting it. Based on it being cut from a sheet.

Sincerely, Clayton

[Peter_Spaeth]

Mastro purchased it already cut from the sheet and trimmed it further, as i understand it.

[Runscott]

edited - pointless post.

[sylbry]

Originally Posted by teetwoohsix

The grainy black and white photo of the card in it's "un-trimmed" state was convincing, but I couldn't wrap my brain around the logic of cutting up the only known sheet (with a Wagner and a Plank!!)of T206's into singular cards, thinking it would make him more money. And, that was the given scenario in the book, that it was cut from a sheet. I felt someone with as much knowledge about cards would've instantly known the signifigance of this "sheet", and how valuable it would've been in it's entirety. I would think far more valueable than broken down into single cards.

Wonder what holder the Plank currently resides in?