California Real Estate Fraud Report

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36th Investor Pleads Guilty in Northern California Bid Rigging

One of the largest – if not the largest – foreclosure auction bidding schemes claimed another defendant as a Hillsborough, California man agreed to plead guilty for his part in the conspiracy.

Daniel Rosenbledt was facing felony charges filed in the U.S. District Court for the Northern District of California in San Francisco for bid rigging and mail fraud. Rosenbledt’s charges arose from the period April 2008 and continuing until about January 2011.

Court documents alleged that Daniel Rosenbledt conspired with others to designate a winning bidder in lieu of competing against one another at public real estate foreclosure auctions hed in San Mateo and San Francisco counts. Once the selected bidder “won” the property at auction, that bidder would meet with the other real estate investors in order to divide and re-sell the properties to one another. Without competitive bidding, the properties almost certainly would have sold for less than if there had been no conspiracy.

The FBI investigated the bid rigging ring and it was prosecuted by the Department of Justice’s Antitrust Division. “The Antitrust Division remains committed to vigorously pursuing conspirators who collude at foreclosure auctions at the expense of lenders and distressed homeowners,” said Bill Baer, Assistant Attorney General in charge of the Department of Justice’s Antitrust Division. “A competitive process benefits those homeowners who are looking for the best possible outcome during a difficult situation.”

Violations of the Sherman Act carry steep penalties: a maximum penalty of 10 years in prison and a $1 million fine for individuals. There are enhanced prison and financial penalties if losses exceed $1 million, as well as forfeiture of the ill-gotten gains.

Read the original article in Real Estate Rama.

© 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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