Missouri auction firm owner accused of defrauding customers

2 years 8 months 1 week ago Thursday, April 07 2016 Apr 7, 2016 Thursday, April 07, 2016 10:35:02 AM CDT April 07, 2016 in News
By: The Associated Press

ST. LOUIS (AP) — An eastern Missouri auction business owner was accused of a scheme that defrauded clients of at least $2.5 million.

The U.S. Attorney's office in St. Louis announced an indictment Thursday against 76-year-old Stuart Millner of Union. The indictment accused Millner of three counts of bank fraud, one count of mail fraud affecting a financial institution, four counts of wire fraud and two counts of mail fraud.

A message seeking comment from Millner's attorney was not immediately returned.

Federal prosecutors said Millner's business used proceeds from sales that should have gone to clients to pay company expenses and debts owed to previous clients. The indictment alleged Millner's company told customers that auctioned items sold for less than they actually sold for as part of the effort to conceal the fraud.

 

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