The Mississippi Department of Insurance issued the following news release:
Mississippi Insurance Commissioner George Dale, along with insurance commissioners from Arkansas, Missouri, Oklahoma and Tennessee is auctioning jewelry on Ebay for seven days beginning October 22nd. The jewelry was recovered in connection with the Martin Frankel case.
Frankel was the subject of a worldwide manhunt in 1999, after it was discovered that he had defrauded seven life insurance companies of over $200 million by stealing most of their invested assets. Frankel, posing as an investment broker, had funneled the insurers’ funds to a bank account in Switzerland and then used the money to support his lavish lifestyle and those of his friends and co-conspirators.
The theft was discovered in April 1999, when Commissioner Dale and his staff became suspicious about the identity of the investment broker and the insurers’ reported affiliation with the Vatican.
“This has been a big project for my staff and we continue to work on this case everyday. The efforts of this office and other insurance departments involved only demonstrate the importance of state regulation and why it works,” said Commissioner of Insurance George Dale The four pieces of jewelry were purchased with some of the stolen funds, and were recovered from one of Frankel’s co-conspirators that worked in his mansion in Greenwich, Connecticut.
Frankel, together with 15 of his co-conspirators were convicted or pleaded guilty to a number of felony criminal charges in federal and state courts in Connecticut, Mississippi and Tennessee.
Frankel was apprehended in Germany and served an 18-month sentence in that country before being returned to the United States to face charges. The insurance commissioners in the five states, acting in their official capacity as receivers for the seven insurers, also recovered over 570 diamonds that were in Frankel’s possession when he was arrested in Germany. The diamonds were sold at auction in New York in 2004. In addition to real property recovered in Tennessee and Alabama, the receivers also worked with federal officials to recover other assets in the United States, Switzerland and other foreign countries.
The items being sold on Ebay include an .80 ctw diamond necklace graded VS from Tiffany & Co. and appraised for $7,500; a pair of brilliant cut diamond earrings from Tiffany & Co. with an approximate weight of .81 ctw and appraised for $4,600; a ladies ring containing a sapphire of 2.08 ctw flanked by diamonds of .70 ctw, also from Tiffany & Co. and appraised for $8,000; and an 18 kt yellow gold Cartier ladies watch with thirty-three round brilliant cut diamonds appraised for $4,000.
Due to the fact that the jewelry is being sold as part of a court-ordered insurance liquidation proceedings, all items are offered AS IS and ALL SALES ARE FINAL. No refunds will be made.
To participate in the auction interested parties should go to Ebay and register for an account if you do not have one, then do a search for “Martin Frankel” under the “jewelry, watches” category. Be sure to check the box that says “search title and descriptions.” Alternatively, you may search for the auctions via their respective item numbers: diamond necklace (#180170986637), diamond earrings (#180170991821), sapphire ring (#180170995444), and Cartier watch (#180170998810).Contact: Donna J. Cromeans, 601/359-3569.