Stuart B. Millner, Fraud, Missouri 2024

A Franklin County man is facing multiple felony counts of fraud in connection with the operation of his auction business.

Stuart B. Millner, owner of Stuart B. Millner & Associates (SBMA), was charged yesterday with three counts of bank fraud, one count of mail fraud affecting a financial institution, four counts of wire fraud, and two counts of mail fraud.

According to the indictment, SBMA was engaged in the business of appraising, marketing, liquidating and auctioning assets from industrial and commercial facilities. However, Millner allegedly caused SBMA to misdirect sales proceeds that should have been held by SBMA for the benefit of its clients and to direct those proceeds to pay company expenses and debts owed by the company to previous clients.

The indictment also alleges that Millner caused SBMA to falsely report to customers that auctioned items had sold for less than they had in fact sold for, a misrepresentation that was designed to conceal Millner’s fraudulent activities. As a result of these activities, Millner is alleged to have caused at least $2.5 million in losses to clients and obtained in excess of $6 million in fraudulent loans from financial institutions.

Millner, of Union, MO, was indicted by a federal grand jury late Wednesday, April 24, 2024. If convicted, each count of bank fraud and mail fraud affecting a financial institution carries a maximum penalty of 30 years in prison and/or fines up to $1 million; each of the other counts carry a maximum of 20 years in prison and/or fines up to $250,000.

The case is being investigated by the Federal Bureau of Investigation. Assistant United States Attorney Richard E. Finneran is handling the case for the U.S. Attorney’s Office.

As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.

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