California Real Estate Fraud Report

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Archive for the 'Bid Rigging' Category

Northern California real estate investor agrees to plead guilty to bid rigging at public foreclosure auctions

May 7th, 2015 at 9:50am

A Northern California real estate investor has agreed to plead guilty for his role in conspiracies to rig bids at public real estate foreclosure auctions in Northern California, the Department of Justice announced.

Felony charges were filed today in the U.S. District Court for the Northern District of California in Oakland against Wayne Lippman of Walnut Creek, California.  To date, as a result of the department’s ongoing antitrust investigations into bid rigging and fraud at public real estate foreclosure auctions in Northern California, 55 individuals have agreed to plead or have pleaded guilty.

Read the press release on the US DOJ website.

Five Real Estate Investors Indicted for Bid Rigging at Foreclosure Auctions

December 10th, 2014 at 8:20am

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.

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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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