Auction Set for Personal Assets from $19.4M Embezzlement Case

Tranzon Asset Strategies conducting online auction of luxury watches

News provided by

Tranzon Asset Strategies

Dec 15, 2017, 06:46 ET

IRVINE, Calif., Dec. 15, 2017 /PRNewswire/ -- Collectors, dealers and Individuals looking to acquire luxury watches at auction prices can seize the opportunity  now, as Tranzon Asset Strategies conducts an online sale of more than 20 luxury timepieces forfeited by Jon Frank, the former controller of NCI Systems, Inc. who embezzled over $19.4 million from the information technology company.

Bidding is now under way at www.proxibid.com/tranzon and is scheduled to close at 5 p.m. (PT) on December 19th.

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The auction's timepieces include this Zenith Captain Tourbillon Watch 18k rose gold, in original Zenith case with tags, retails for $50,000 - $60,000
The auction's timepieces include this Zenith Captain Tourbillon Watch 18k rose gold, in original Zenith case with tags, retails for $50,000 - $60,000
Also up for bid is this Ulysse Nardin GMT Perpetual Watch, 18K white gold, retails for $25,000 - $30,000
Also up for bid is this Ulysse Nardin GMT Perpetual Watch, 18K white gold, retails for $25,000 - $30,000

"With some pieces originally valued at $50,000 or more, this sale represents a unique  opportunity for collectors of high-end watches and chronographs," said Tranzon President Mike Walters. "These are beautiful timepieces that any watch collector would be happy to own."

The 23 items listed for bid come from such prominent makers as Audemars Piguet, Maurice Lacroix, Zenith, Baume et Mercier, Girard Perregaux, Blancpain, IWC Schaffhausen, Glashutte, Armand Nicolet, Jaeger-LeCoultre, and Ulysse Nardin. Of special interest are a Zenith Captain Tourbillon Chronograph in rose gold, a Ulysse Nardin GMT Perpetual watch in 18k gold, and an Audemars Piguet Gstaad Classic Limited Edition watch.

For photos and a full catalog of the items offered, as well as details on how to bid, go to: www.proxibid.com/tranzon

Frank, who pled guilty to wire fraud charges in September, has been ordered to pay back over $19.4 million in restitution.  The forfeiture of these items is the first step in recovering monies that Frank embezzled over a period of 10 years. He used the funds to purchase expensive jewelry, luxury automobiles and real estate, according to the U.S. Attorney's Office for the Eastern District of Virginia.

Media Contacts: At Tranzon Asset Strategies, Tiffeny Cook, (888) 314-1314, [email protected]; at Parness & Associates Public Relations, Bill Parness, [email protected],  (732) 290-0121 or Mobile: 732-673-6852.

SOURCE Tranzon Asset Strategies

Related Links

http://www.tranzon.com

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