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Five real-estate investors convicted in a conspiracy to rig bids at foreclosure auctions in the Bay Area
Between 2008 and January 2011, officials said, the defendants would select a winning bidder for selected properties and then agree not to bid against one another during the auction. The defendants would privately negotiate payoffs among themselves in return for not competing against one another, the statement said.
Where is AF when we need him?
This was a common news story during the bubble. Funny that the same story is back in the press. Might signal that we really are in another real estate bubble.