Major First Liberty assets auctioned and Receiver’s payment

As the Receiver continues to investigate First Liberty’s wrongdoings, he filed on November 20th that they will begin the auctioning process for some of the firm’s larger assets. 

The auctioning of these assets follows further discoveries of the mass amounts investors in First Liberty lost. Investors like 93-year-old James McMaster lost $1.3 million through First Liberty’s Ponzi scheme, and he is just one of an estimated 300 victims whose losses may total as much as $200 million.

Many of the assets obtained with investor funds will now be auctioned. Bullseye Auction & Appraisal will be conducting the auctions according to the Receiver’s report outlining key details of the assets being auctioned.  This includes the Aston Martin and the building that served as the primary office for First Liberty, along with additional vehicles and Receivership Assets. More information regarding the other assets motioned to be auctioned can be found in our previous Receivership Assets coverage.

Additionally, on November 24th a federal court order for the interim fees for the Receiver, Receiver’s legal counsel, Receiver’s forensic accounting team, and administrative services provider was approved. The Receiver will be paid $129,561.86, but will be paid 80% of that, which is $103,670.66, now and the other 20% when the case is finalized.

All entities will receive their final payment once the Receiver is discharged or when final distributions are paid.