Calif. Real Estate Investors Will Cop To Bid-Rigging

Law360, New York (June 30, 2011, 7:42 PM EDT) -- Federal prosecutors said Thursday that eight real estate investors have agreed to plead guilty in California to a scheme in which they kept property sale prices low by collaborating not to bid against each other at public foreclosure auctions.

Prosecutors filed eight separate informations on Thursday against the defendants, who allegedly conducted secret auctions amongst themselves after the public auctions — in some cases before they even got beyond the steps of the courthouse where the auctions were held.

"While the country faces unprecedented home foreclosure...
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