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Five real-estate investors sentenced for rigging bids at foreclosure auctions


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2018 May 12, 7:08pm   1,846 views  6 comments

by Patrick   ➕follow (55)   💰tip   ignore  

https://www.sfgate.com/crime/article/5-real-estate-investors-sentenced-in-Bay-Area-bid-12902468.php

Five real-estate investors convicted in a conspiracy to rig bids at foreclosure auctions in the Bay Area were sentenced Tuesday to either prison or probation, and additionally ordered to pay nearly $7 million combined in fines and restitution, according to federal officials. ...

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.


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.

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1   Strategist   2018 May 12, 11:29pm  

Patrick says
Five real-estate investors convicted in a conspiracy to rig bids at foreclosure auctions in the Bay Area


Real estate investors? Now they wouldn't do that, would they?
2   komputodo   2018 May 13, 7:57am  

Patrick says
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.


How did they manage to prove that without at least one of the participants dropping a dime?
3   Patrick   2018 May 13, 8:08am  

That's why there were not six sentencings, lol.
4   mell   2018 May 13, 9:17am  

Where is AF when we need him?
5   Strategist   2018 May 13, 9:19am  

mell says
Where is AF when we need him?


AF is packing his suitcase. Trump is taking him along to negotiate with Kim.
6   Tenpoundbass   2018 May 13, 9:47am  

This is why RE has been held hostage since the start of the boom.

RE scumbags should be sent the Philippines on a boat loaded with Heroin.

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