Ferguson forfeits cash, property and equipment after conviction - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Ferguson forfeits cash, property and equipment after conviction

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Bobby Ferguson outside of federal court after being convicted on public corruption charges.  (Credit: Fox 2 News) Bobby Ferguson outside of federal court after being convicted on public corruption charges. (Credit: Fox 2 News)
DETROIT (WJBK) -

Taxpayers this week got an unexpected dividend from the conviction of Bobby Ferguson on racketeering charges -- cash, property and equipment worth up to $1 million.

Nearly a year after the feds indicted Ferguson on public corruption charges in 2010, agents swarmed over his property and seized more than a dozen pieces of heavy equipment.  Other searches turned up more than $460,000 in cash.

While the jury deliberated, the feds and Ferguson signed a forfeiture stipulation, a document in which Ferguson agreed to give up his equipment, cash and property if he got convicted.

On Monday, Ferguson got the bad news.  A jury found him guilty of nine counts of public corruption, including bribery, extortion and racketeering.

Soon the government will put up for sale the home that Ferguson's family has called home for years.

The feds are also expected to sell Ferguson's condo at Riverfront Towers in downtown Detroit.

His wife declined comment.

While it's not up to prosecutors where the money from Ferguson's property will end up, there is a chance it could go to the city he cheated for so many years.

If it ends up going to the federal government, the proceeds should be enough to cover the taxpayers' tab for the lawyers that defended Kwame and Bernard Kilpatrick.

Ferguson's wife said she doesn't know what she will do when she has to leave her home.  For now, she is just trying to process the emotions from a week that has to be the worst one in this family's lives.

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