Mark Roemer and his son, Bradley Roemer, two Northern California real estate investors, have agreed to plead guilty to their roles in bid rigging and fraud conspiracies at public real estate foreclosure auctions in Northern California.
The U.S. District Court of the Northern District of California in Oakland has filed felony charges against the pair, according to a press release from the Antitrust Division. To date, 54 individuals have pleaded guilty or agreed to plead guilty to criminal charges stemming from the division’s ongoing antitrust investigations into bid rigging and fraud at public foreclosure auctions in Northern California.
The Antitrust Division’s Assistant Attorney General, Bill Baer, stated, ‘Cynical investors who rig real estate foreclosure auctions will be held accountable for their crimes.’ He added, ‘Winning auctions through fraud injures consumers and mortgage lenders by circumventing the competitive process that the antitrust laws are intended to protect.’
The defendants conspired with others not to bid against one another and instead designated a winning bidder to obtain selected properties at public real estate foreclosure auctions in Alameda County, according to court documents. The pair was also charged with conspiring to use the mail to carry out a scheme to fraudulently acquire title to selected Alameda County properties and to make and receive payoffs.
The private auctions often took place at or near the courthouse steps where the public auctions were held. The FBI’s San Francisco Field Office Special Agent in Charge, David J. Johnson, stated, ‘These charges demonstrate our continued commitment to investigate and prosecute individuals and organizations responsible for the corruption of the public foreclosure auction process.’
Each violation of the Sherman Act carries a maximum penalty of 10 years in prison and a $1 million fine for individuals. The maximum fine for the Sherman Act charges may be increased to twice the gain derived from the crime or twice the loss suffered by the victims if either amount is greater than $1 million. The government can also seek to forfeit the proceeds earned from participating in the conspiracy to commit mail fraud.
The charges are the latest filed in the Antitrust Division’s ongoing investigation into bid rigging and fraud at public real estate foreclosure auctions in San Francisco, San Mateo, Contra Costa, and Alameda counties in California. The 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 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. The charges were brought in connection with the President’s Financial Fraud Enforcement Task Force.
Related Federal Cases
- Mark Roemer, Bid Rigging and Mail Fraud, California 2023 · Illinois
- Mark Roemer, Bid Rigging and Mail Fraud, California 2023 · California
- Mark Roemer, Bid Rigging and Mail Fraud, California 2023 · California
- Mark Roemer, Bid Rigging and Mail Fraud, California 2023 · California
- Mark Roemer, Bid Rigging and Mail Fraud, California 2023 · California
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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