Jury Convicts 4 For Bid-Rigging Calif. Property Auctions
Law360, San Francisco (December 16, 2016, 9:13 PM EST) -- A California federal jury convicted four real estate investors on Thursday of one count each for their role in a massive scheme to rig bids at public real estate foreclosure auctions involving hundreds of properties in the San Francisco Bay Area.
After a two-week trial, a 12-member jury in San Francisco unanimously found that Alvin Florida Jr., Robert Rasheed, John Berry and Refugio Diaz were guilty of violating the Sherman Act by conspiring to suppress the prices of properties sold at the auctions between May 2008 and December 2010.
Under the scheme, the conspirators would designate a select number of investors...
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