California Real Estate Fraud Report

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Investor Pleads Guilty to Rigging Bids at Foreclosure Auctions

Walter Daniel Olmstead, 39, has pleaded guilty to conspiring to rig bids at an auction in San Joaquin County and mail fraud. So far, seven other involved in the conspiracy have entered guilty please: Anthony Ghio, John Vanzetti, Theodore Hutz, Richard Northcutt, Yama Marifat and Gregory Jackson.

Olmstead was a real estate investor who apparently conspired with others to make illicit profits at the auctions. The group would agree which person was to make the bid, while the others would refrain from bidding. After winning the bid, the property would be sold to whoever was willing to pay the most from the property. The difference would be divided among the conspirators then.

The scheme attracted attention not only from the Attorney General’s office but their Anti-Trust Division. U.S. Attorney Benjamin Wagner prosecuted the case.

Olmstead could be sentenced to 10 years in prison and a $1 million fine for the bid rigging and 30 years plus a $1 million fine for the mail fraud charge.

Read the original article in the Modesto Bee.


© Copyright 2007-2018 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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