California Real Estate Fraud Report

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08
Nov

Another Guilty Plea in Auction Bid Rigging in Bay Area

A Concord man is the 26th person who has admitted he participated in a Bay Area bid rigging at public auctions for foreclosing homes.

Norman Montalvo is a real estate investor who has agreed to plead guilty to a conspiracy to rig bidding; he was originally charged with four felonies. The charges included using the mail to “fraudulently acquire title to properties sold at auctions, to send and receive payoffs, and to send money to co-conspirators.”

Montalvo will be fined depending on what the court determines his illegal profits were and up to 30 years in prison – the time it normally takes to pay off a 30-year mortgage.

The case was investigated by the FBI and is being tried in the U.S. District Court for the Northern District of California.

Read the original article in the Mercury News and the Imperial Valley News.

© 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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