A PYMNTS Company

US: CA real estate investors indicted for bid-rigging

By  |  October 22, 2014

Five real estate investors were indicted by a grand jury in California on Tuesday on eight counts of bid-rigging and fraud, say reports.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The investors are charged with conspiring to rig bids of foreclosure auctions throughout Northern California, as well as defrauding mortgage holders. The individuals allegedly agreed with each other to not bid for properties at multiple property foreclosure auctions in return for kickbacks.

    The indictments are part of the US Department of Justice’s ongoing antitrust probes into public real estate foreclosure auction fraud and bid-rigging. The case has so far lead to 47 individual guilty pleas, according to reports.

    Full content: Imperial Valley News

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.