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Bid riggers targets of FBI investigation

Posted on July 5, 2014 Posted By: unitedtrusteesCategories: Case Law

A bidder during a sale at the Alameda County Courthouse

A bidder during a sale at the Alameda County Courthouse

An article in The San Francisco Chronicle headlined ‘How Deft Bid-Riggers Harmed Ex-Owners of Foreclosed Homes’, noted that the FBI has investigated bid-rigging at foreclosure auctions – whereby bidders collude with other bidders to suppress the sale prices of foreclosed properties and then hold private illegal secondary auctions where they resell the properties and split the profits. While trustees have no authority to police bidders, members should be aware of the cases referenced in the article.

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