Auction to recover money for investment fraud victims

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by By TONY BURBECK / NewsChannel 36 E-mail Tony:

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WCNC.com

Posted on August 15, 2009 at 4:53 PM

Updated Sunday, Nov 1 at 3:19 PM

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Investment fraud items to be auctioned

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CLAREMONT, N.C. -- A look inside J.V. Huffman Jr.'s house shows the lavish lifestyle he lived while allegedly stealing other people's money in a Ponzi scheme.

Those items are up for auction next Friday and Saturday in an attempt for victims to recover some of their money.

"We have the Sea-Doos, a metal brake, mitre saw," said Gary Boyd, while showing us around Huffman's estate.

The items are the best money can buy.

"Drill presses, air compressors, generators," Boyd said. "Multiples of each."

There are piles of electronics, tools and toys in the garage. The most expensive item is a motor home, purchased for nearly $1 million. It even has mirrors on the ceiling.

There are big pickup trucks, too. One of them was purchased for $55,000.

Inside Huffman's house you'll find the best floors, furniture, clocks -- you name it. Boyd is not sure how much the house will fetch.

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"The way the market is now I wouldn't even dare guess," he said.

The auction hopes to recover some of the $25 million authorities say Huffman stole in a Ponzi scheme. He promised to invest people's retirement money and guaranteed a high rate of return. Instead, investigators say, he spent their money living like a king.

"It's just a shame because he got people in his own church," Boyd said.

A tractor is one item up for auction. Compare that to an old tractor that Bishop Jackson had to sell just to make ends meet after he says he lost everything with Huffman.

"If he would have been doing it legally it would have been different, but he had everybody fooled," Jackson told us in January.

"He ruined too many people," said victim Don Plemmons.

Many of the victims told us they are too old to go back to work. Victims are expecting to recover just cents on the dollar for what they lost.

The auction will take place starting at 10 a.m. at Huffman's home in Claremont. You can also bid online at .

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