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Real estate investor to serve one year in prison for bid-rigging at auctions

By  |  April 29, 2012

Steven J. Cox, a Mobile, Alabama real estate investor, has agreed to plead guilty for his role in a bid-rigging conspiracy at public real estate foreclosure auctions in Alabama. The scheme called for a designated bidder at the public auction and a second, secret auction that followed. Cox was involved in the conspiracy from January 2004 to May 2010. The terms of his plea call for one year in prison and a $10,000 criminal fine.

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    Cox marks the fourth individual guilty plea in the DOJ’s ongoing investigation of fraud at Alabama public real estate foreclosure auctions. In addition to the four individuals, one company has pleaded guilty.

    Full content: DOJ Press Release

     

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