#516
The Circular Economy of Stolen Goods
Published:
Nov 27, 2023
Author:
Sarah Parsons Wolter
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As we transition from a week of giving thanks to giving out our credit cards left and right to stock up on holiday essentials, consumer brands aren’t the only ones making large sales. Auction houses are also on a tear.
In addition to the job functions you might imagine the US Marshals Service to encompass, a little known responsibility includes seizing assets from crimes including wire fraud, drug dealing, and money laundering. Once seized, these duties extend to managing auction house outcomes, as proceeds are then directed to victims and other claimants - topping $500m in a single year - while additional funds are also allocated to state and local law enforcement.
Thanks to the Freedom of Information Act, Bloomberg Businessweek was able to parse through five years’ worth of sales that made up more than 25,000 items that made their way from the hands of criminals straight back to the hands of consumers.
While the vast majority of seized goods in recent years have been comprised of financial assets - namely Bitcoin and Ethereum - there are a few head scratchers to go along with the headlines. Some of the favorites include a houseboat, artwork by Andy Warhol, a 1991 Ferrari F40, and a horse named Cinda…not your average stocking stuffer!
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The Circular Economy of Stolen Goods
Cars, crypto, and a horse named Cinda: Inside America's seized asset auctions - Every year, the US Marshals Service seizes tens of millions of dollars’ worth of fun collectibles and fast rides from criminals, and then lets the general public do some bidding. Read more
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Select Financings
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