Tag Archives: Feds Target Bid-Rigging Scams at Foreclosure Auctions

Federal investigators are cracking down on foreclosure auction scams, where real estate speculators illegally try to fix the bidding process on properties. The cases mostly center in northern and central California, but bid-rigging schemes have also been discovered in Raleigh, N.C., and Mobile, Ala. Federal prosecutors have charged 54 people in the past three years for bid-rigging during courthouse auctions for foreclosed properties. Scammers would appoint one person to bid on a property during an auction so that the person could get the property at a lower price. After the […]