U.S. Marshals Auction Earns $2.6 Million

A U.S. Marshals auction of forfeited jewelry items recovered from a convicted Cleveland, Ohio bank embezzler, garnered proceeds of over $2.6 million. The two-day online auction, according to local news reports, was held by Bid4Assets, and the items included pieces from such names as Harry Winston, Tiffany & Co., Mikimoto, Patek Philippe and Laurence Graff.

The most notable item auctioned was an 11.88 carat flawless diamond ring, set in platinum, which sold for $1.703 million, making it the highest selling jewelry item in the history of the U.S. Marshals Service Asset Forfeiture Program.

A pair of Harry Winston diamond earrings was also auctioned, for $577,650. The earrings were valued at $950,000. An additional Graff ring, valued at $88,875, went for $111,226.

Proceeds of the sale will help pay restitutions owed by the convicted KeyBank executive, David Verhotz, who last year plead guilty to embezzling $41 million.