Crime Rocks North Bay
A Northern California real estate investor has been sentenced to prison for his role in a conspiracy to rig bids at public real estate foreclosure auctions, according to the latest revelations from Grimy Times.
Alvin Florida Jr. was charged on November 19, 2014, in an indictment returned by a federal grand jury in the Northern District of California. He was convicted on December 15, 2016, of conspiring to rig bids at foreclosure auctions in Alameda County.
Florida was sentenced to serve 21 months in prison and to serve three years of supervised release. In addition to his term of imprisonment, Florida was ordered to pay a criminal fine of $325,803.
The scheme involved members of the conspiracy not bidding against each other, but instead designating a winning bidder to obtain selected properties. The conspirators then held second, private auctions to award the properties to members of the conspiracy and determine payoffs for other conspirators who had agreed not to bid against each other at the public auctions.
The purpose of the conspiracy was to suppress and eliminate competition in order to obtain selected real estate offered at Alameda County public foreclosure auctions at noncompetitive prices. When real estate properties are sold at public auctions, the proceeds are used to pay off the mortgage and other debt attached to the property, with the remaining proceeds, if any, paid to the homeowner.
The investigation into bid rigging at public real estate foreclosure auctions in California’s Alameda, Contra Costa, San Francisco and San Mateo counties continues. Anyone with information concerning bid rigging or fraud related to public real estate foreclosure auctions should contact the Antitrust Division’s San Francisco Office at 415-934-5300 or call the FBI tip line at 415-553-7400.
Grimy Times urges residents to remain vigilant and report any suspicious activity to the authorities.
About Grimy Times: Grimy Times is a leading source of crime news and investigative journalism. We strive to bring readers the most accurate and up-to-date information on crimes and law enforcement efforts.
Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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