US Seeks To Sell Aspen Officer Mark Rand's Assets

Law360, New York (August 23, 2011, 6:12 PM EDT) -- The U.S. sought Texas federal court approval Tuesday to sell a Ferrari, a Picasso drawing and other items owned by Mark Albert Rand, who copped to taking part in an allegedly $56 million investment fraud carried out at his family's oil business.

Rand, who pled guilty in August 2010 to three counts of securities fraud in connection with the scheme at Aspen Exploration Inc., and a co-defendant, Aspen salesman Joel William Petersen, are scheduled to be sentenced Aug. 31. Rand faces up to 14 years in...
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