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Mack, Colo.
The first round of Valley Investment’s assets, ranging from office furniture to a 1950’s fire truck, hit the auction block in both Mack and Grand Junction Saturday. Auction organizers say this is just the first small step towards recouping whatever they can of the $31 million investors lost in the alleged Ponzi scheme.
“This is the start of people getting their money back,” auctioneer Steve Claypoole said. “A lot of people got hurt. The more we get, the more they get.”
The auction began Saturday morning in Mack at Country Living Park, a mobile home community owned by Valley Investments. Everything from sheds to tractors, to vehicles on the premises were sold. In the afternoon, the auction moved to the Valley Investments office in Grand Junction where everything inside was turned over to the highest bidder.
“The amount of money we’re going to recover in this sale is insignificant compared to the losses,” receiver Lloyd Quesenberry of Rider and Quesenberry, LLP said. “But the victims get some comfort from seeing things happen.”
The auction was just the first of many. Quesenberry says the next round of auctions will be selling manufactured and mobile homes as well as property lots.
“Although it’s a small amount of money raised today, at least it’s a step in the right direction,” Quesenberry said.
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