Lawrence B. Stacy, an Alabama real estate investor has agreed to plead guilty to his role in a bid-rigging conspiracy at public real estate foreclosure auctions in southern Alabama, from May 2002 to January 2007. After purchasing property at public auctions, where bidders agreed not to bid against one another, a second, secret auction was held for the property.
Stacy has agreed to serve six months in prison and to pay a $10,000 fine. He will also cooperate with the DOJ in their ongiong investigation of real estate foreclosure auction schemes, in which three individual sand one company have already pleaded guilty.
Full content: DOJ Press Release
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.