11 Investors Accused Of Bid Rigging, Fraud In Northern California Foreclosure Auctions, A federal grand jury in San Francisco has indicted 11 real estate investors on multiple charges of bid-rigging and fraud schemes at foreclosure auctions in Northern California, U.S. Department of Justice officials said Thursday.
The three indictments, filed late Wednesday in U.S. District Court in Oakland, charge investors Michael Marr, Javier Sanchez, Gregory Casorso, Victor Marr, John Shiells, Miguel De Sanz, Alvin Florida Jr., Robert Rasheed, John Berry, Refugio Diaz, and Stephan Florida with participating in conspiracies to rig bids and defraud mortgage holders and others.
Collusion at the foreclosure auctions created an unfair playing field where conspirators pocketed illegal payoffs at the expense of lenders and distressed homeowners, said Deputy Assistant Attorney Brent Snyder. “The division will continue to investigate and prosecute local cartels that harm the competitive process.
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