Insurance regulators will be auctioning off on eBay four piecesof jewelry that were recovered in connection with the MartinFrankel insurance fraud case.

The auction, announced by Mississippi Insurance CommissionerGeorge Dale, began Oct. 22 and will last seven days.

In 1999, Martin Frankel defrauded seven life insurance companiesof more than $200 million through the theft of investment assets.The jewelry was purchased by one of Mr. Frankel's co-conspiratorswho worked out of Mr. Frankel's Greenwich, Conn., mansion.

Mr. Frankel is currently serving time in federal prison.

Regulators in Mississippi, along with Arkansas, Missouri,Oklahoma and Tennessee, are acting as receivers for seven defraudedinsurers.

The regulators are auctioning off a diamond necklace valued at$7,500; a pair of earrings valued at $4,600; a ladies ring valuedat $8,000; and ladies watch valued at $4,000.