Investors Admit To Foreclosure Auction Bid-Rigging Scheme

Law360, New York (December 12, 2012, 9:45 PM EST) -- The owners of Mobile, Ala.-based J&R Properties LLC pled guilty Wednesday to conspiring to rig bids at public real estate foreclosure auctions in southern Alabama, resulting in artificially suppressed prices of properties at auction, according to the U.S. Department of Justice.

Robert M. Brannon and his son Jason R. Brannon pled guilty in the Southern District of Alabama to conspiring with other companies to not compete against each other at public real estate foreclosure auctions in southern Alabama.

Instead, a designated bidder would buy the property...
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