California Real Estate Fraud Report

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Eight Investors Plead Guilty to Rigging Real Estate Auctions

Eight Bay Area men have pleaded guilty to rigging bids at auctions for foreclosed properties. The guilty pleas to mail fraud result from a long-running investigation by the Department of Justice and occurred because the defendants used both the US Postal Service and Federal Express to send each other the Trustee’s Deeds.

The men, in various transactions with one another, agreed not to bid against each other in the auctions. Lowered bids cause less money to be returned to the lenders and creditors, causing deeper losses. It also damages the value of properties in the local real estate market where the sold homes are located.

Pleaded guilty were Troy Kent (San Mateo), Henry Pesah (Burlingame), James Doherty (Hillsborough), Laith Salma (San Francisco), Gary Anderson  (Saratoga), Patrick Campion (San Francisco), Keith Goodman (San Francisco)and Craig Lipton (San Francisco).

Read the original article in the San Mateo Daily Journal.

© 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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