International Classic Auction’s (ICA) owner Stanley Torgerson was arrested on Tuesday, May 3, based on a grand jury’s 101-count indictment brought forward in Maricopa County Superior Court, reports The Arizona Republic. Torgerson is being charged with 50 felony counts of fraud, 49 felony counts of theft, one felony count of illegal control of an enterprise and one misdemeanor count of theft.
According to the Maricopa County Attorney’s Office, Torgerson was being held on $50,000 cash-only bond. He’s accused of defrauding approximately 50 victims from four states, Canada and England out of approximately $700,000.
The charges stem from complaints from ICA sellers and buyers – going back as far as 2009 – of not being paid for vehicles sold at Torgerson’s auctions and failure to deliver vehicles sold.
Torgerson further is party to seven civil lawsuits, also filed in Maricopa County Superior Court. He filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court on Feb. 14 of this year, but the case was dismissed due to Torgerson filing improper paperwork.
No other employees of ICA are reportedly facing charges stemming from this case. Investigators on the case are also asking other potential victims of dealings with ICA to come forward.
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