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News & Press: Industry News

Fed Investigation of Foreclosure Bid Rigging Yields Convictions

Tuesday, August 15, 2017  
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A real estate investor was recently sentenced to 21 months in prison after being convicted in December of 2016 of rigging foreclosure bids in the Bay Area between 2008 and 2010.  Alvin Florida, Jr., and three other men were originally charged with federal crimes in 2014.  In April, a federal jury in Oakland, California, convicted real estate investor Glenn Guillory for conspiring to rig bids at foreclosure auctions. Over 65 people in the Bay Area have either pleaded guilty to bid-rigging at public foreclosure auctions or have been convicted after trial. The bid rigging was occurring at the height of the subprime crisis.  The Department of Justice Antitrust Division and the FBI have an on-going investigation into bid rigging practices in the Bay Area.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
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