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Three Real Estate Agents/Investors Plead Guilty to Charges of Bid Rigging at Public Foreclosure Sales

Three real estate agents/investors in Northern California recently accepted agreements to plead guilty to conspiring to commit mail fraud and bid rigging at public foreclosure sales. The U.S. Department of Justice filed charges in Federal Court against these investors alleging that they agreed between themselves that on certain properties, they would not bid against each other and thus, ensure lower sales prices for the properties. The three could receive up to 40 years in jail and multimillion-dollar fines.

The Department of Justice has further announced that 43 people have now pled guilty as a result of ongoing federal anti-trust investigations into fraudulent activities relating to Northern California public real estate foreclosure auctions.

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