N.J. man arrested in auction funds theft

A New Jersey man whose firm was hired to liquidate the assets of two Nassau County companies sold their property -- and then kept the proceeds, police said.

Steven Timmons, 51, of Leonia, N.J., is under arrest, charged with third-degree grand larceny and first-degree scheme to defraud for what Nassau County police said was his role in an incident involving a machine shop in Freeport back in January.

Police said Timmons' company, Industrial Auction Services of Saddle Brook, N.J., was hired to liquidate the assets of two businesses -- one in Freeport, the other in Seaford. Police have not released the names of either business.

Police said Timmons sold the assets through traditional auctions and online auctions on sites like eBay.

But he never turned over the proceeds of those sales, instead failing to make payments to the victims, police said.

Police said the investigation is continuing and are asking anyone who may be the victim of a similar scam to contact Crime Stoppers at 800-244-TIPS. All calls will remain confidential, police said.

Timmons is scheduled for arraignment Wednesday in First District Court in Hempstead.