A Salt Lake City man convicted of swindling investors out of millions of dollars apparently used some of that money to buy a boatload of sports memorabilia.
He didn’t own it for long.
Victims in a multi-million dollar securities fraud case will benefit from an auction of personal property next month in Utah.
The state attorney general is having an auction to liquidate items that once belonged to 41 year-old Darin Kracl. He’s been convicted of securities fraud for taking money from two investors. Authorities say Kracl did not have a license to sell securities.
Authorities say Kracl took the money and purchased expensive pieces of sports memorabilia and other goods that are also being sold by the state. He also invested in a minor league baseball team.
Kracl was convicted on June 1 but a short jail term could turn into a long stay if he can’t make restitution to his victims. About $2 million has been recovered, but a judge has ordered Kracl to pay back nearly $5 million more at a rate of $500 per month to start and eventually $2,500 per month
Signed items from Babe Ruth, Michael Jordan, Willie Mays and Kobe Bryant are among the collection slated to go to the highest bidder.
KSL-TV in Utah is all over the case, with video and pictures of some of the items that will go on the block.