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February 01, 2013

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Joe

According to this from the Daily Journal, the appreciation could have been even more!

A Burlingame real estate investor pleaded guilty to mail fraud and rigging bids at public foreclosure auctions in San Mateo and San Francisco counties by agreeing not to bid against others, according to the Department of Justice.


Gilbert Chung’s plea makes him the 27th person to do so as part of the department’s ongoing investigation into fraud and bid rigging at foreclosure auctions throughout Northern California, the DOJ announced yesterday.


Between January 2010 until December 2010, Chung and others conspired not to bid against each other but instead designated a winner to obtain chosen properties in the two counties, according to court documents.


Doing so kept the winning bid low which in turn, federal prosecutors contend, damaged the real estate market and defrauded those who expected all investors to have a level playing field.


http://www.smdailyjournal.com/article_preview.php?id=1762764&title=Realtor pleads guilty to mail fraud and auction bid rigging

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