Crundwell horses, equipment fetch more than $4 million

UPDATE: The Chicago Tribune reports:

“More than 300 horses as well as equipment and vehicles from indicted former Dixon Treasurer Rita Crundwell’s world-class operation sold for $4.79 million at an auction this week amid a crowd of eager horse enthusiasts from around the world and curious natives of the small northwestern Illinois town.” If you are really interested in this story, there’s loads more information, including a video and lots of photos here.

PHOTO CREDIT: ALEX GARCIA, CHICAGO TRIBUNE
Auctions contracted by the federal government of indicted Dixon, Illinois treasurer Rita Crundwell Quarter Horses and equipment bring in more than $4 Million.

PAT RAIA writing for TheHorse.com reports:

Horses, tack, trailers, and other equipment belonging to indicted Quarter Horse breeder Rita Crundwell brought more than $4 million during a two-day live auction in Dixon, Ill.

Earlier this year, a federal grand jury in Illinois indicted Crundwell for allegedly misappropriating $53 million in funds from the town of Dixon, Ill., where she had served as comptroller since the 1980s.

Following the arrest, a federal court judge placed more than 400 horses connected to the case in the custody of the U.S. Marshals Service. Professional Auction Services Inc. was later hired to carry out the sale of the horses and related equipment at auction.

If convicted, Crundwell could face maximum penalties of up to 20 years in prison and a $250,000 fine, or an alternate fine totaling twice the cost of the loss or twice the gain, whichever is greater.

Read more >>

Remaining Crundwell horses to be auctioned Sunday, Monday

Cross-posted from Rockford Register Star

AMY J. CORRENTI | RRSTAR.COM
A broodmare and her colt walk in a pen Friday, Sept. 21, 2012, in Dixon during a preview for the upcoming auction of Rita Crundwell’s horses.

DIXON — The U.S. Marshals Service will sell the remainder of the Rita Crundwell herd of quarter horses — more than 300 — via a live and Web simulcast auction in Dixon on Sunday and Monday, starting at 11 a.m. each day.

The auction will be held at the RC Ranch in Dixon, where a news conference was held today to showcase the horses.

Crundwell, 59, was among the leading breeders of quarter horses in the U.S. Formerly the comptroller of Dixon, Crundwell has been federally charged with wire fraud in U.S. District Court in Northern Illinois. Crundwell’s indictment charges her with fraudulently obtaining more than $53 million from the city since 1990 and using the proceeds to finance her horse breeding business and lavish lifestyle.

Auction details

Live auction: Sept. 23-24 at Rita Crundwell’s farm, 1556 Red Brick Road, Dixon. The auction is open to the public. Information on the horses being put up for sale will be made available ahead of the auctions.

Contact: Professional Auction Services, 800-240-7900 or professionalauction.com.

Continue reading >>

First of indicted Dixon treasurer’s horses bring $1.64M in online auction

PHOTO CREDIT: ALEX GARCIA, CHICAGO TRIBUNE
An online auction contracted by the federal government of indicted Dixon, Illinois treasurer Rita Crundwell’S Quarter Horses brings in $1.64M. Crundwell is accused of embezzling $53M over several decades.

by MELISSA JENCO

Cross-posted from Chicago Tribune

About 80 horses once owned by indicted former Dixon Treasurer Rita Crundwell brought in $1.64 million this week at an online auction, money that ultimately could go to the northwestern Illinois city’s coffers to offset the huge losses from her alleged fraud scheme.

The horses sold for a wide range — from a low of $1,050 to a high of $226,000, which set a record for the Virginia business that conducted the auction.

Crundwell had developed a championship quarter horse breeding operation on her sprawling Dixon ranch that federal authorities allege was financed by decades-long thefts totaling $53 million, a stunning loss for a small town best known as the boyhood home of President Ronald Reagan.

Another 300 of Crundwell’s quarter horses will be auctioned off at her Dixon ranch later this month. Read full report >>

US Marshals Service chooses auctioneer for Crundwell horses

CBS Channel 11 News Station WIFR reports:

Alleged embezzler Rita Crundwell of Dixon, Illinois, takes the prize. Feds seized 300 of her horses when the former comptroller was charged in connection with the misappropriation of anywhere from $30M to $53M. Six of the Crundwell horses have died they were taken. The remaining horses will be sold at auction. AQHA Photo.

DIXON (WIFR) — We now have a better idea of when Rita Crundwell’s hundreds of horses will be up for sale. The U.S. Marshals Service has awarded a contract to an auctioneer.

This is the release from the U.S. Department of Justice:

“The U.S. Marshals Service has awarded a contract to Professional Auction Services of Round Hill, Virginia, for the U.S. District Court-ordered dispersal of horses and related equipment belonging to former city of Dixon, Illinois, Comptroller Rita A. Crundwell.

“The contract will run from August 1 to September 30, 2012. The agreement will offer buyers the opportunity to bid at a live auction at the Crundwell Red Brick Road farm, along with the opportunity to place bids on the contractor’s website. The auction dates are anticipated for mid-September and will be released by the contractor on or before August 1.”

Private sales will not be allowed. Read full report >>

RELATED READING

:: Six Crundwell horses dead; WIFR; July 18, 2012.

:: Feds take over 300 horses from suspected Illinois embezzler; Tuesday’s Horse; May 5, 2012.

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Feds take over 300 horses from suspected Illinois embezzler

Until now, we have not reported on the story of Rita Crundwell, the woman accused of embezzling in the neighborhood of $53 Million of public funds from the city of Dixon, Illinois.

Crundwell reportedly used the money to support a lavish lifestyle including the breeding and exhibiting of world class Quarter Horses.

What caught our attention now is the fact that the federal government has now “taken” or confiscated over 300 of the horses belonging to Crundwell.

Normally horses in criminal cases are abused and neglected and “taken into evidence”. In this case, it appears federal law enforcement want to recoup some of the losses suffered by the city of Dixon by selling the Crundwell horses.

The Associated Press reports:

Rita Crundwell lavished attention on her prize-winning animals, and their catchy names helped them stand out at show exhibitions. They might also reveal something about the woman prosecutors say was behind a staggering theft of $53 million from the city of Dixon in northern Illinois, or at least about the flashy breeding industry she loved.

More than 300 of her horses, among the most sought-after in the country, were handed over to U.S. marshals through a judge’s forfeiture order on Thursday.

and

The U.S. Marshalls Service plans to hire professionals to care for the horses with an eye toward selling them as part of any eventual restitution to the city of Dixon.

Horses are creatures of habit and do not typically respond well to a change in their routine. So how well thought out this plan to confiscate and hire someone to take care of Crundwell’s horses remains to be seen. It will be an expensive proposition whatever route they take.

We realize that these horses are considered assets. However, horse care is costly and require their own brand of expertise to maintain them. If the horses were fine where they were it appears it would have been much better to leave them at home and hire someone to guard them from possible sale or re-sale.

Read full story >>