High-end items auctioned off

Auction

November 18, 2009 9:02:19 PM PST
Alleged Ponzi-schemer's personal effects go on auction block in Raleigh Wednesday.The items used to belong to William Wise, the Raleigh banker accused of operating a Ponzi scheme that defrauded investors out of tens of millions of dollars.

According to the Securities and Exchange Commission, Wise used a company called Millennium Bank as a front to raise at least $68 million from more than 375 investors since 2004.

Even though Wise's assets have been frozen, no criminal charges have been filed against him.

Nearly 500 items from the banker went up for sale Wednesday to pay off debts.

From jewelry, fine art, wine, high-end hand bags and even a few luxury vehicles, everything was on the auction block.

There was plenty of stuff for men too with Rolex watches and 18-karat cigar holders, along with fine art including two original Thomas Kincade paintings, as well as fine wine. About 130 bottles, plus the two coolers they're stored in were all for sale.

Money brought in from the auction will be used to repay defrauded investors.

The auction was held at the North Raleigh Hilton by two auction houses, Leland Little Auction and Estate Sales and Iron Horse Auction Company out of Rockingham.

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