Real Estate Exec Pleads Guilty To Bid-Rigging, Fraud

Law360, New York (February 4, 2011, 7:41 PM EST) -- A California real estate executive pled guilty Friday to bid-rigging and conspiracy to commit mail fraud at public foreclosure auctions in San Joaquin County, Calif.

Richard Northcutt pled guilty to one count of bid-rigging and one count of conspiracy to commit mail fraud in the U.S. District Court for the Eastern District of California.

While Northcutt faces a maximum penalty of $2 million in fines and 40 years in prison, the U.S. Department of Justice has agreed to ask for a reduced sentence in exchange for...
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