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U.S.: 26th pleads guilty to bid-rigging in California real estate sector

By  |  November 2, 2012
U.S.: 26th pleads guilty to bid-rigging in California real estate sector

A California real estate investor has pleaded guilt to price-fixing at public foreclosure auctions to the Department of Justice. Normal Montalvo apparently conspired to pre-select winning bids for certain properties up for auction. Prosecutors say the consequences of the bid-rigging included “damaging” the real estate market. The charges pertain to events from June 2008 to September 2010; Montalvo is the 26th person to plead guilty to bid-rigging in the DOJ’s investigation in Northern California.

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