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Title: Heritage Auctions, RICO and SHILL BIDDING lawsuit!
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vintagebaseballcards
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Registered: 11/26/2006

(Date Posted:10/13/2009 13:11:01)

This is a must read for anyone in the Hobby who has bid, is bidding or thinking of bidding in a Heritage auction!

eritage Auctions RICO Lawsuit Amended by Hendershott, Says Attorney
Wed Sep 16, 2009 1:29pm EDT
 
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DALLAS, Sept. 16 /PRNewswire/ -- An amended RICO lawsuit against HeritageAuctions and its executives was filed September 14 by plaintiff GaryHendershott, an expert in Civil War memorabilia. The amendment expands the charges of fraud and RICO violations against theDallas-based auction house, reportedly the nation's third largest. Theoriginal suit asserts that Heritage uses a shill or fake bidder concealedunder the name of N.P. Gresham to defraud other bidders by increasing auctionprices. Hendershott was joined in the lawsuit last week by Chris Kortlander, aprominent Montana businessman. The amended lawsuit sets forth in detail the tactics used by Heritage at itsauctions to obtain an unfair advantage in bidding against unsuspectingbidders, including shill bidding and using insider information."Regardless of what Heritage executives are now saying, I never bid under thename of N. P. Gresham. I only learned the true identity of Gresham in Januaryof this year, when Jim Halperin, co-chair of Heritage, admitted it in opencourt," said Hendershott, of Little Rock, Arkansas."Further, Heritage executives have admitted that the identity of N.P. Greshamwas never disclosed to any bidder at these various auctions," Hendershottsaid. "In a letter to the Consumer Credit Commissioner for the State of Texas,Heritage's legal counsel stated, 'No external party is ever aware that N. P.Gresham is a pseudonym for Heritage.' "Hendershott's attorney, Mark Senter, noted, "Jim Halperin has testified thatN.P. Gresham is fictitious, and Heritage has admitted it hid Gresham'sidentity from all outside bidders. Using a shill bidder like Gresham to bidup auction items is a violation of the RICO statutes and the laws governingTexas auctions. "It's obvious Heritage doesn't want N.P. Gresham revealed, as they've tried topermanently seal the court records twice, have bullied and threatened theDallas media, and yesterday, threatened to sue me and my clients for filingthe RICO lawsuit," Senter said."Heritage is wrong to use a secret, shill bidder to drive up auction bids,"said Hendershott. "We hope others who think they have been defrauded by thispractice will come forward."Kortlander alleges that Heritage failed to sell his extensive collection ofhistorical items related to Custer's Last Stand, and has not returned them inmore than two years."In April 2007, I consigned to Heritage my extensive collection of historicalitems, including the Town of Garryowen, Montana, on the site of the CusterBattlefield at the Battle of the Little Big Horn, as well as thousands ofitems in the Custer Family Collection. Heritage has not sold the collectionand refuses to account for it, or return it to me," Kortlander said.Hendershott's RICO suit was originally filed in May 2009 in Texas DistrictCourt in Dallas, and Kortlander's suit was filed in Billings, Montana, inApril 2009. Kortlander joined the RICO lawsuit in Dallas September 9.SOURCE Mark SenterMark Senter, +1-214-368-8300, msenter@johnhcarney.com

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Ahhh, the PERFECT avatar has been found. It is for all the Net 54 clique who bash me and complain about me defending myself here! :)
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