Auction to recover money for investment fraud victims

Auction to recover money for investment fraud victims

Huffman's home in Claremont, N.C.

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by NewsChannel 36 Staff

WCNC.com

Posted on April 13, 2010 at 2:35 PM

CLAREMONT, N.C. -- Homes and land belonging to a man who pleaded guilty to securities fraud will be auctioned to raise money for his victims.

J.V. Huffman is currently serving a 30-year sentence.

Huffman is accused of running a Ponzi scheme for nearly two decades. Investigators say he promised people a return on their money, but instead he allegedly used $25 million to fund his own lavish lifestyle.

Now, Huffman's homes and land in Catawba County are going up for auction.

In August 2009, huge crowds showed up when Huffman's private possessions went on the auction block. One person was able to get a $100,000 Cadillac for $60,000. Another buyer got a $1 million motor coach for $500,000.

That auction netted $718,000.

The land auction will be held April 24. For more information, click here.

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