Investor Admits To Real Estate Bid-Rigging Scheme

Law360, New York (January 27, 2012, 4:40 PM EST) -- A real estate investor pled guilty Friday in California federal court to charges that he took part in a conspiracy in which a group of real estate speculators agreed not to bid against each other at real estate foreclosure auctions.

Kenneth A. Swanger copped to charges of conspiring to rig bids and commit 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.

Swanger is the ninth person to...
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