For almost eight years, Kirkland investment broker Rhonda Breard led the life of a lie. While her clients saw her as a charming, intelligent broker who led them down the road to financial success, she was really using that money to fulfill her wildest dreams.
Breard was sentenced to six years in prison for mail fraud in U.S. District Court on Aug. 11. Exactly a month later, the big items she bought after cheating dozens of clients out of $12 million will go on sale at 11 a.m. Sept. 11 at the James G. Murphy Auction office on 18226 68th Avenue N.E., Kenmore. The idea is to pay back the money to more than 40 victims who lost it all.
Terry Moore, spokesman for James G. Murphy Auction, predicts it will take half an hour to sell the items.
Auctioneers say there will be no shortage of people wanting to have at least one of the items belonging to the disgraced investment broker. Moore said that Murphy’s previous auctions have drawn anywhere from 1,000-1,500 registered bidders.
“The interest level is up because these items have a bit of a history to them, even though it may not be the best history,” Moore said. “It brings the interest level up because people think, ‘Oh, I’ve got a chance to bid on this Honda Element, or this snowmobile,’ because she bought it with other people’s money and she went to jail for it.”
On the list: a 2009 Cadillac Escalade, a 2009 Mercedes-Benz SL 550, four Yamaha ATVs, three Kawasaki jet skis, six Ski Doos and several snowmobiles. Those are just some of the seized assets for sale at the auction – ordered by the U.S. Marshals Service. But the 26 auction items on sale “is just a small portion of what she had, money-wise,” Moore said.
Breard got away with the scheme by telling investors the money would be placed in a variety of financial and insurance products. Then, she mailed phony statements to these customers. After it all came to light, the government seized the lavish items at $250,000 in cash and checks. ING has reimbursed some of the victims and will reach settlement with the victims in two months, they told the U.S. Attorney’s office.
Her fortune also brought her three sprawling mansions – including a home for $2.6 million on Lake Washington. James G. Murphy Auction will not be selling the houses or other items in them, Moore noted.
