2 More Investors Cop To Auction Bid-Rigging Scheme

Law360, New York (April 27, 2012, 3:39 PM EDT) -- Two real estate investors pled guilty in California federal court Thursday to conspiring with a group of real estate speculators by agreeing not to bid against each other at foreclosure auctions, in violation of the Sherman Act.

Lydia Fong and Matthew Worthing, both of San Francisco, admitted to fixing public foreclosure auctions by rigging bids and committing mail fraud in connection with the scheme, which was aimed at suppressing competition and winning real estate at noncompetitive prices, according to the U.S. Department of Justice.

“The collusion...
To view the full article, register now.