42 Cabin Cruiser Hits the Online Auction Block

U.S. Marshals to auction the 2007 Rinker 400 boat of Indicted Ponzi Scheme Concert Promoter

Silver Spring, MD – Bid4Assets, Inc. (bid4assets.com), an online auction company announced today it will host an auction, on behalf of the U.S. Marshals Service, of 2007 Rinker 400 EC Cabin Cruiser Boat as part of an Order for Interlocutory sale. The boat is currently in preview on Bid4Assets.com/Rinker1. Online bidding begins January 10, 2011. The minimum bid price is $96,800.

This beauty has an interesting history as it is the property of Miko Dion Wady, and alleged Ponzi scheme concert promoter who was charged in January, 2010 with a 37-count indictment on Wire Fraud and Transactional Money Laundering. Wady of Chandler, Arizona and others are alleged to have collected at least $50 million from 250 investors believing that he was engaged in promoting concerts and tours for some of the top entertainers and talent known today. Wady is alleged to have misled investors into believing he promoted concerts for The Rolling Stones, U2, Barbra Streisand, Faith Hill, Tim McGraw, Mariah Carey, Mary J. Blige, Pearl Jam and at least 30 other well-known artists and entertainers. According to the indictment, Wady actually promoted less than 10 concerts for local or lesser known artists. He was never affiliated with any big name talent.

The indictment alleges that Wady used millions of dollars of victim investor funds to pay for a lavish lifestyle including the purchase of the 2007 Rinker luxury boat. The proceeds from the sale will be used to provide restitution to the victims, pursuant to an agreement with Wady.

This cruiser is the ultimate combination of performance and luxury. Her seven foot headroom interior features forward and aft staterooms with privacy doors, salon/galley area with teak and holly cabin sole and a separate head and shower. With her proven hull design, she welcomes offshore conditions with a top speed up to 38 knots. A great cockpit design and a cabin sculpted for comfort with sleeping accommodation for six people and you have a real crowd pleaser.

The minimum bid for this cabin cruiser starts at $96,800. The U.S. Marshals Service requires that bidders submit a pre-bid deposit of $9,680 prior to placing a bid. The pre-bid deposit submission is simple and can be completed on the auction listing page (Bid4Assets.com/Rinker1). Specifications, photos and other information are also available on the auction listing page.

The Rinker boat is located in Phoenix, Arizona and will be available for inspection on Thursday, January 6, 2011 between the hours of 1:00 PM and 3:00 PM Mountain Standard Time. Please contact [email protected] to schedule an appointment. Appointments must be scheduled before 12:00 p.m. ET on January 5, 2011. The inspection will take place by appointment only.

Interested buyers can contact Bid4Assets with any questions by sending an email to [email protected] For those individuals who are unable to access the Internet, contact Bid4Assets at 1-877-4ASSETS to request an off-line bid form.

About Bid4Assets, Inc.
Bid4Assets, Inc. (www.bid4assets.com) is one of the first to market and most successful online auction sites operating today. The company auctions distressed assets for financial institutions, private individuals and a growing list of federal and state government agencies. Among them the U.S. Marshals Service, the Department of the Treasury and multiple counties nationwide. Bid4Assets is a privately held company located in Silver Spring, Maryland.

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