Investors Plead Guilty To Tax Lien Bid-Rigging Scheme

Law360, New York (August 24, 2011, 4:37 PM EDT) -- Three investors pled guilty in New Jersey on Wednesday to violating competition law in connection with a big-rigging scheme aimed at collecting high interest rates on municipal tax liens sold at auctions.

William Collins, Richard Pisciotta Jr. and Isadore May admitted to violating Section 1 of the Sherman Act for their alleged roles in a conspiracy where they agreed to only bid only on certain tax liens at certain prices, according to the U.S. Department of Justice.

Each violation of the Sherman Act carries a maximum...
To view the full article, register now.