Five more real estate investors have been indicted on nine counts of fraud and illegally rigging bids at foreclosure auctions in Contra Costa County.
U.S. Department of Justice officials say that John Michael Galloway, Nicholas Diaz, Glenn Guillory, Thomas Joyce, and Charles Rock conspired to defraud mortgage holders and others by bid rigging at foreclosure auctions. As with other similar prosecution, the defendants are alleged to have made prior agreements to not bid against one another and to pay each other for not bidding on some of the properties that their fellow conspirators wanted.
Fifty people have already pleaded guilty or agreed to plead guilty in related cases; another 21 have been charged in Alameda, Contra Costa and San Francisco counties.
Read the original article in CBS Local.