Banking & Finance and Retail

Assets of Ponzi scheme chairman and Wood Source head to auction

July 8, 2013
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Assets of Ponzi scheme chairman and Wood Source head to online auction
The 1995 Ferrari 348 Spider convertible owned by convicted Ponzi scheme chairman John Bravata. Photo via repocast.com

The Wood Source's assets will be up for auction online on Tuesday — along with the personal assets of a convicted Ponzi scheme chairman.

Wood Source assets

An online auction featuring wood-working equipment will take place online from 8 a.m. to 5 p.m. on Tuesday, at Orbitbid.com.

The auction will feature carpentry equipment, such as hand tools, power tools and shop supplies, all taken from Wood Source, once a well-known all purpose wood store for woodworkers and furniture makers.

Staff will offer sales assistance onsite at Wood Source, at 2701 29th St. SE, Grand Rapids, during Monday’s preview day and Tuesday’s auction.

John Bravata assets

That same day, Repocast.com will host another auction for four items related to the liquidation of the assets of John Bravata, former chairman of BBC Equities in Brighton.

Bravata was found guilty of 15 counts of fraud this spring for using a Ponzi scheme to scam more than 500 people out of $53 million.

The auction proceeds will go to Bravata’s victims to help settle the debts.

The online auction will be at Repocast.com from 8-8:30 a.m. on Tuesday.

The four items will be a 2007 Maserati Quattroporte Executive GT, a 1995 Ferrari 348 Spider Convertible, a 2003 Seadoo Bombardier XPDi and a 2004 Seadoo Bombardier.

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