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Kapa‘a banker’s items auctioned today
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| This decorative elephant is one of nearly 400 items that will be auctioned off today as authorities liquidate James Lull’s assets. Contributed by McClain Auctions |
Proceeds to go to estate, creditors
By Michael Levine - The Garden Island
An O‘ahu auction house will be selling off the first load of items recovered from the Kaua‘i home of James Lull, a former Kapa‘a banker who pleaded guilty earlier this year to wire fraud for orchestrating a “ponzi scheme” that defrauded investors of up to $50 million.
Ronald Kotoshirodo, the United States Trustee in charge of managing Lull’s convoluted bankruptcy case, confirmed yesterday that the sale, being held live starting at 10 a.m. today at McClain Auctions in Honolulu, would benefit the estate, and proceeds would be used to pay back creditors.
Kotoshirodo said he expected the auction, which has nearly 400 valuable items, including koa furniture, local artwork and uncut stones, would net a “meaningful amount of money.”
When asked if he expected those who had been defrauded by Lull to be among those making bids on items purchased potentially with their stolen money, Marty McClain said, “They might be interested in buying it to have something to remember the case by, but also they’re going to be very pleased that things are starting to move. This is the first movement towards them getting something.”
McClain said there would be another auction in January featuring more unique items that Lull had collected.
Lull pleaded guilty in September and will be sentenced in federal court Jan. 9, 2009. He faces up to 20 years in prison.
For more information on the items up for bid, visit mcclainauctions.com
• Michael Levine, staff writer, can be reached at 245-3681 (ext. 252) or via e-mail at mlevine@kauaipubco.com
Ronald Kotoshirodo, the United States Trustee in charge of managing Lull’s convoluted bankruptcy case, confirmed yesterday that the sale, being held live starting at 10 a.m. today at McClain Auctions in Honolulu, would benefit the estate, and proceeds would be used to pay back creditors.
Kotoshirodo said he expected the auction, which has nearly 400 valuable items, including koa furniture, local artwork and uncut stones, would net a “meaningful amount of money.”
When asked if he expected those who had been defrauded by Lull to be among those making bids on items purchased potentially with their stolen money, Marty McClain said, “They might be interested in buying it to have something to remember the case by, but also they’re going to be very pleased that things are starting to move. This is the first movement towards them getting something.”
McClain said there would be another auction in January featuring more unique items that Lull had collected.
Lull pleaded guilty in September and will be sentenced in federal court Jan. 9, 2009. He faces up to 20 years in prison.
For more information on the items up for bid, visit mcclainauctions.com
• Michael Levine, staff writer, can be reached at 245-3681 (ext. 252) or via e-mail at mlevine@kauaipubco.com
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