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For Immediate Release

Contact:
September 29, 2011 Sale questions: Anthony Moseley (213) 894-1202;
Media questions: Laura Vega (213) 894-2485
U.S. Marshals to Auction 12 Los Angeles Forfeited Real Properties, Including Former Home of Convicted Money Launderer Larry Reynolds

Los Angeles, CA – Twelve real properties located throughout the Los Angeles area will be sold via a U.S. Marshals auction starting at noon Oct. 12 at the Crowne Plaza Hotel-Beverly Hills; 1150 S. Beverly Dr.; Los Angeles, CA 90035. Registration will begin at 11 a.m.

The 12 varied properties include single-family homes, duplexes, a triplex, a mixed-use commercial property and vacant land. Property addresses are:

  • 8445 Franklin Ave., Los Angeles, CA
  • 4900 South Van Ness Ave., Los Angeles, CA
  • 43546 Bow Canyon Rd., Big Bear Lake, CA
  • 1061 and 1063 W. 11th St., Los Angeles, CA
  • 11846 and 11848 South Normandie Ave., Los Angeles, CA 4607 and 4609 3rd Ave., Los Angeles, CA (two combined properties)
  • 1603 West Blvd., Los Angeles, CA
  • 7620 South Western Ave., Los Angeles, CA
  • 5912 West Blvd., Los Angeles, CA
  • 2800 West 54th St., Los Angeles, CA
  • 1427 East Pacific Coast Highway, Wilmington, CA
  • 716 East Rosecrans, Compton, CA

Open houses for all 12 properties will be held Saturday and Sunday from 1 p.m. to 4 p.m. and also on Oct. 8 from 1 p.m. to 4 p.m.

The property at 8445 Franklin Ave. is the former home of convicted money launderer Larry Reynolds. Reynolds pleaded guilty in 2008 to money laundering for his part in a $3.65 billion Ponzi scheme run by Tom Petters of Minnesota. Reynolds is currently serving a sentence in a California federal prison with a scheduled release date in 2019. The other 11 properties were in connection with other criminal cases in the Central District of California and the Western District of Michigan.

For more information and photographs of the properties, go to
http://lpsauction.com/ (click on “U.S. Marshals Service” banner).

The U.S. Marshals Service Asset Forfeiture Program plays a vital role in managing and disposing of $3.9 billion worth of assets such as real property, vehicles and jewelry that are seized and forfeited by federal law enforcement agencies and U.S. Attorneys’ Offices. The program has become a key part of the federal government’s efforts to combat major criminal activities by stripping criminals of their ill-gotten gains. Proceeds generated from asset sales are used to compensate victims, supplement funding for federal law enforcement initiatives and support community programs. Under the Equitable Sharing Program, funds are often shared with state/local law enforcement agencies that participated in the investigation leading to the forfeiture of the asset, allowing those agencies to provide enhanced law enforcement initiatives within their respective communities.

Additional information about the U.S. Marshals Service can be found at http://www.usmarshals.gov.

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