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US: More guilty pleas in auction bid-rigging lead to requests for antitrust training

By  |  March 8, 2013

As the Department of Justice continues its crackdown on California auctions, found to have widespread bid-rigging, two men accused by the DOJ have pled guilty in US District Court for the Northern District of California. According to the department, the men’s guilty pleas brings the total to 29 plea agreements made since the probe began. As a result, according to reports new investors, investment firms and others who are in the market for foreclosed property are requesting antitrust training to avoid this type of crackdown. The men charged were accused of conspiring not to bid against each other in auctions to buy foreclosed property. Charges were brought against the men, Peter McDonough and Michael Renquist, who declined to comment on the matter, on Thursday.

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