California Real Estate Fraud Report

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Lodi Man Pleads Guilty to Real Estate Fraud in Auctions

Wiley Chandler, 47, a Lodi real estate investor who was indicted for bid rigging and mail fraud in a real estate fraud scheme, has pleaded guilty to conpiracy with a group of speculators, which had agreed not to bid against one another at public auctions of foreclosed homes.

The U.S. attorney’s office in Sacramento reports  that four of Chandler’s indicted co-conspirators, are Andrew B. Katakis, president of California Equity Management; Donald M. Parker; Anthony Joachim; and W. Theodore Longley. Longley, an auctioneer, was charged with aiding an abetting.

Nine others have already pleaded guilty according to U.S. Attorney Benjamin Wagner.

The defendants allegedly ran their conspiracy by having one “investor” bid for the targeted foreclosed properties that were sold at San Joaquin County auctions. Afterward, they would hold a private auction and the property would be re-sold to the highest bidder in the group. The difference between the original and resale numbers would be counted as profit and divided among the participants.

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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