Joseph J. Giraudo, Bid Rigging, California 2014

Two Real Estate Investors Plead Guilty in Bid Rigging Case

Joseph J. Giraudo and Kevin B. Cullinane, two real estate investors, have pleaded guilty to their roles in conspiracies to rig bids at public real estate foreclosure auctions in Northern California.

According to court documents, Giraudo and Cullinane participated in conspiracies to rig bids by agreeing to refrain from bidding against other co-conspirators at public real estate foreclosure auctions. Giraudo participated in conspiracies in San Mateo and San Francisco counties, and Cullinane participated in a conspiracy in San Mateo County.

The conspiracies, which began as early as August 2008 and continued until January 2011, were aimed at suppressing competition in order to obtain selected properties offered at San Mateo County and San Francisco County public foreclosure auctions at noncompetitive prices.

The guilty pleas are the result of the ongoing investigation into bid rigging at public real estate foreclosure auctions in San Francisco, San Mateo, Contra Costa, and Alameda counties, California. To date, 62 individuals have agreed to plead or have pleaded guilty.

These investigations are being conducted by the Antitrust Division’s San Francisco Office and the FBI’s San Francisco Office. Anyone with information concerning bid rigging or fraud related to 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.

The investigation into bid rigging at public real estate foreclosure auctions in Northern California is ongoing, and the public is urged to come forward with any information that may aid in the investigation.

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