Feds Nab 11th Plea In NJ Tax Lien Bid-Rigging Dragnet

Law360, New York (December 20, 2012, 1:06 PM ET) -- U.S. prosecutors accused a New Jersey company Wednesday of conspiring to rig municipal tax liens auctions, nabbing the 11th guilty plea in an ongoing probe into illegal activity surrounding the auctions.

Mercer SME Inc., of Burlington, N.J, pled guilty to colluding with other bidders to suppress and restrain competition at the public auctions, which drove up interest rates on the municipal tax liens. The complaint and plea were entered simultaneously.

Municipalities auction off liens placed on tax-delinquent properties, and winning bidders can eventually foreclose on the...
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