Tenth real estate investor pleads guilty to bid-rigging at CA real estate auctions
Wiley C. Chandler, a real estate investor, has pleaded guilty in U.S. District Court in Sacramento for his role in rigging bids at public real estate foreclosure auctions in San Joaquin County. This marks the tenth guilty plea in the DOJ’s ongoing investigation into San Joaquin County real estate auctions. Chandler was indicted by a federal grand jury on December 7, 2011.
The DOJ alleges that illicit profit was shared after the first public auction, at a second, private auction, at which each participating conspirator would bid the amount above the public auction price he or she was willing to pay. The conspirator who bid the highest amount at the end of the private auction won the property. The difference between the price at the public auction and that at the second auction was the group’s illicit profit.
Source: DOJ Press Release
Related Content: Screens for Conspiracies and Their Multiple Applications (Rosa Abrantes-Metz, Global Economics Group, NYU Stern School of Business)
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI