Hundreds Attend Auction Of Alleged Ponzi Scheme Items

About 900 people showed up Friday for an auction in Catawba County that is selling off the assets of a man accused of running a multi-million-dollar investment scheme.

J.V. Huffman is charged with securities fraud and is being held on $2 million bond.

The alleged Ponzi scheme head signed over the contents of his home on Wishing Well Lane near Claremont to authorities. That allowed the federal government to seize the property, put it in a receivership and sell it at auction.

Friday was the first day of a two-day auction. Bidders had to register and get an ID number, which was on a yellow card. All the items sold Friday are from the outside of the house. Saturday’s auction will be items inside the home.

Early Friday, a motor home sold first for nearly $500,000. The buyer said he’d been considering the purchase for some time and felt it was a good buy.

Then a 1939 Cadillac sold for $66,000. That buyer said while it was more than he wanted to spend, it was still a good buy.

Some investors who lost money in the alleged scheme came out to witness the auction. Some even planned to make purchases.

“If I get something, I’ll have a part and I’ll be excited. But if I don’t get anything, my life won’t be over,” Vicki Drum said.

Huffman is scheduled to appear in court again on Aug. 24.

Previous Stories: August 13, 2009: Alleged Ponzi Scheme Runner’s Assets Go To Auction