Bill Mastro, former head of Mastro Auctions, will serve 20 months in prison for actions such as card trimming and shill bidding.
In a plea hearing today in Chicago, Bill Mastro pled guilty to one count of mail fraud and admitted to the practice of shill bidding as well as trimming a famous T206 Honus Wagner card that has since sold for millions.
The expected plea deal for Bill Mastro will not be taking place. For the second time, a judge has tossed a plea deal of a maximum sentence of 30 months for Mastro, setting the stage for a possible trial. The next hearing will take place May 14.
When the FBI walked the show floor at the National Convention in 2009, it created quite a stir. Three years later, the ax has fallen on part of that investigation with Bill Mastro, Doug Allen and Mark Theotikos (all under the Mastro Auctions umbrella in this report) inducted on fraud charges from the Department of Justice.