Ala. Real Estate Investor Admits To Auction Bid-Rigging

Law360, New York (July 25, 2012, 7:27 PM EDT) -- A real estate investor pled guilty Tuesday for conspiring to rig bids at public real estate foreclosure auctions in southern Alabama, marking the seventh guilty plea in a broad federal investigation of the region's housing auctions.

Investor David R. Bradley copped to one count of bid-rigging and one count of conspiracy to commit mail fraud in Alabama federal court. According to the U.S. Department of Justice, Bradley conspired to keep the foreclosed-home auction prices low by agreeing not to compete against other bidders.

After a low...
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