The man behind the online auction site eBay, who was sentenced last week to three years in federal prison, sold a company with a $30M stake in a Georgia internet marketing company, which sold a $2.7M house for a $3M profit, the Associated Press reports.
The sale was made by a Georgia man named Ron Bowers, who allegedly used the company to help his family run an online advertising and marketing business.
Bowers is serving a 10-year prison sentence for a bank fraud conviction, according to the AP.
He pleaded guilty to wire fraud in April and has been sentenced to three consecutive terms of supervised release, which is in addition to his previous six years of supervised probation.
The Associated Press first reported the sale.
Bower had been using eBay as a front to get around the US$100M asset he had allegedly stolen from a family-owned Georgia real estate business, which he had run for the past five years, according the AP article.
Bowers allegedly used eBay to buy a $20,000 home in Lakeville, Georgia, where the family had once lived, which they sold to him.
Bakers son, who lives in Lakeview, Georgia said the sale was bittersweet, since he had wanted to buy the house and move it to another town.
He added that he had not had any contact with Bowers in about a year and that he was looking forward to moving back to Georgia.
The Associated Press also spoke with an employee at the Lakeview real estate agency who said he was shocked when he learned that Bowers had used the online service for the real estate sale.
He said the family was surprised and had no idea who Bowers was until they heard about the auction.
He declined to provide his name for fear of retribution.