This is the second installment in our coverage of the DOJ's
recent criminal cartel enforcement actions. Over the last six
months, more than fifty individuals have pleaded guilty as a result
of the DOJ's antitrust investigations into real estate bid
rigging. The DOJ has pursued these investigations in the
Northern District of California, the Northern District of Georgia,
and the Eastern District of North Carolina.
The Northern District of California
The bulk of the DOJ's investigation has taken place in the
Northern District of California. To date, 55 real investors have pleaded guilty
and five investors have been indicted in connection with charges
related to bid rigging and fraud at public real estate
auctions. The DOJ generally alleged that the individuals that
participated in these schemes rigged bids at public foreclosure
auctions, negotiated payments not to compete, and then held second,
private auctions.
