A PYMNTS Company

Guilty plea count up to 22 in DOJ bid-rigging probe into CA real estate auctions

By  |  April 26, 2012
Guilty plea count up to 22 in DOJ bid-rigging probe into CA real estate auctions

California real estate investors Lydia Fong and Matthew Worthing have pleaded guilty to bid-rigging at public real estate foreclosure auctions in northern California. From October 2009 to January 2011, Fong and Worthing, along with co-conspirators, selected a winning bidder ahead of time and agreed not to compete with each other. The result was to obtain real estate in San Mateo and San Francisco at non-competitive prices. Fong and Worthing mark the 21st and 22nd individuals who have pleaded guilty to fraud related to public real estate foreclosure auctions in northern California. The DOJ’s investigation is ongoing.

    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.

    Full content: DOJ Press Release

     

    Related content: Design and Implementation of Screens and Their Use by Defendants  (Rosa Abrantes-Metz, Global Economics Group, NYU Stern School of Business)

     

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