SEATTLE — Frederick Darren Berg's bus company, MTR Western, will be sold to Seattle-based GTO for $5 million, according to the Seattle Times.
All of Berg's personal assets, including the bus company and real estate properties, are being sold by a trustee. An auction for the luxury motorcoach firm was scheduled Wednesday morning, but of the two expected bidders only GTO submitted an offer for substantially all the bus assets.
Berg has been charged by federal prosecutors with defrauding investors of more than $100 million and is currently in pretrial detention. For the full story, click here.