California Real Estate Fraud Report

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11
Feb

Prosecutors Give Sweetheart Deal to Stockton Realtor in Real Estate Fraud

Richard W. Northcutt is one lucky real estate agent: after conspiring with others to rig bids in public auctions of $10 million of foreclosed houses, prosecutors are letting him off easy: 37 months in jail, a fine not to exceed $20,000 and restitution of less than $350,000. In exchange, Northcutt pleaded guilty in U.S. District Court in Sacramento to one count of bid rigging and to a violation of the federal Sherman Antitrust Act. The Sherman Antitrust Act could have resulted in a 10 year stint in prison and a $1 million fine.

Northcutt’s is the fourth guilty plea in a case where a group of investors attended auctions in San Joaquin County and conspired to obtain foreclosed homes at artificially low prices by agreeing not to compete against each other. Richard Northcutt gets to keep his real estate license for now, as the California Department of Real Estate (DRE) shows “no disciplinary action” against his license.

Read the full article in SF Gate.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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