DOJ Nets 26th Guilty Plea In Real Estate Bid-Rigging Probe

Law360, New York (November 1, 2012, 4:48 PM EDT) -- A California real estate investor has pled guilty to federal charges that he took part in a conspiracy to rig public real estate foreclosure auctions in Northern California, the U.S. Department of Justice said Thursday, marking the 26th guilty plea in a wide-ranging DOJ investigation.

Norman Montalvo, of Concord, Calif., pled guilty to federal antitrust and fraud charges, becoming the latest conspirator netted in a probe into what federal investigators say was a coordinated plan to drive down the auction prices of foreclosed houses.

"The real...
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