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Two investors enter into guilty pleas for rigging bids on NJ municipal tax liens

By  |  June 20, 2012

Robert Stein and David Farber, two financial investors who purchased municipal tax liens at New Jersey auctions, have pleaded guilty to bid-rigging. According to the charges, Stein and Farber sought to obtain municipal tax liens at non-competitive interest rates by conspiring with othes not to bid against one another: by law, the bid opens at 18 percent interest and can be driven down to zero through competitive bidding.

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    Source: DOJ Press Release