Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Guitars Going to Auction for Dallas Ponzi Scheme Victims in Rand Case

A recent article from Forbes provided an interesting update on a Dallas Ponzi scheme that sent William Anthony Rand and three of his sons to prison. Several rare guitars confiscated by the U.S. Marshalls Service in the Rand case were to be auctioned off in Beverly Hills on October 27th.

Heritage Auctions was to handle the sale of the rare instruments, which included two extremely rare left-handed Gibson Les Paul Sunburst guitars from 1959 and 1960. Heritage Auctions estimated before the auction that the 1959 guitar would bring in more than $125,000. Proceeds from the guitar auction will be used to pay back victims in the scam.

Rand, along with his sons, pleaded guilty in the case last year. According to prosecutors, the Rands took $68 million from 330 investors in their oil investment scheme, taking advantage of the record oil prices at the time. The Rands had allegedly promised investors extremely high returns on investments in Texas oil leases through their company, Aspen Exploration. Instead of investing the victims’ money, however, prosecutors said the Rands used it to purchase personal luxuries, including an original Picasso, the rare guitars, real estate, jewelry, boats, vehicles, and more.

Although the two Les Paul guitars were expected to be the highlight of the auction, two other left-handed guitars owned by the Rands—a 1965 Strat Sunburst and a 1959 Fender Stratocaster Hardtail—also were to be sold at the auction on October 27th.

Victims of investment scams often have to wait years to recover their investment losses, and many victims never do. If you believe you have been the victim of an investment scam, Ponzi scheme, or stockbroker misconduct, please contact an experienced securities fraud lawyer today for further guidance.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram