Feds Win 10th Guilty Plea In NJ Tax Lien Bid-Rigging Probe

Law360, New York (September 26, 2012, 8:28 PM EDT) -- A Pennsylvania company on Wednesday became the latest casualty of federal prosecutors' ongoing probe of bid-rigging in New Jersey municipal tax liens auctions, admitting an eight-year role in the conspiracy.

Crusader Servicing Corp. pled guilty to colluding with other bidders to suppress and restrain competition in order to drive up the interest rates of municipal tax liens offered at public auctions. Charges were also filed Wednesday.

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