West Palm Beach, Florida – Real estate investor Avi Stern pleaded guilty today in connection with an ongoing investigation into bid rigging at online public foreclosure auctions in Florida, announced the Antitrust Division.
Felony charges of bid rigging were filed against Stern on November 2, 2017, in the U.S. District Court for the Southern District of Florida.
According to court documents, from around January 2012 through around June 2015, Stern conspired with others to rig bids during online foreclosure auctions in Palm Beach County, Florida.
“Bid rigging at foreclosure auctions has produced enormous harm to many vulnerable communities around the country and directly affronts the values of a market economy,” said Assistant Attorney General Makan Delrahim of the Antitrust Division.
“Real estate investors who think they can swindle the system to line their pockets with ill-gotten gains beware,” said George L. Piro, Special Agent in Charge, FBI Miami.
The primary purpose of the conspiracy was to suppress and restrain competition in order to obtain selected real estate offered at online foreclosure auctions at non-competitive prices.
When real estate properties are sold at these auctions, the proceeds are used to pay off the mortgage and other debt attached to the property, with any remaining proceeds available to the homeowner.
Key Facts
- State: Florida
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News