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US: CA real estate investors indicted for bid-rigging

 |  October 22, 2014

Five real estate investors were indicted by a grand jury in California on Tuesday on eight counts of bid-rigging and fraud, say reports.

The investors are charged with conspiring to rig bids of foreclosure auctions throughout Northern California, as well as defrauding mortgage holders. The individuals allegedly agreed with each other to not bid for properties at multiple property foreclosure auctions in return for kickbacks.

The indictments are part of the US Department of Justice’s ongoing antitrust probes into public real estate foreclosure auction fraud and bid-rigging. The case has so far lead to 47 individual guilty pleas, according to reports.

Full content: Imperial Valley News

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