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Former Tax Liens Company Executive Pleads Guilty in Bid Rigging Scheme
A former New York-based tax liens company executive has pleaded guilty to his role in a conspiracy to rig bids at auctions conducted by New Jersey municipalities for the sale of tax liens.
Vinaya K. Jessani, a former senior vice president, entered a guilty plea in the U.S. District Court for the District of New Jersey in Newark on February 2009 to felony charges filed today.
Under the plea agreement, Jessani has agreed to cooperate with the ongoing investigation.
According to the charge, from at least as early as 1994 until as late as February 2009, Jessani participated in a conspiracy to rig bids at auctions for the sale of municipal tax liens in New Jersey by agreeing to, and instructing others to, allocate among certain bidders which liens each would bid on.
The primary purpose of the conspiracy was to suppress and restrain competition in order to obtain selected municipal tax liens offered at public auctions at non-competitive interest rates.
Vinaya K. Jessani, of New York City, will face a maximum penalty of 10 years in prison and a $1 million fine for violating the Sherman Act.
This is the 15th guilty plea resulting from an ongoing investigation into bid rigging or fraud related to municipal tax lien auctions. Including Jessani, 12 individuals and three companies have pleaded guilty, and four individuals and two entities have been indicted for their roles in the conspiracy.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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