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
Related content: Mexican Experience in Screens for Bid-Rigging (Carlos Mena-Labarthe, Comisión Federal de Competencia de Mexico)
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Tuta Mail Raises Alarm Over Google Search Ranking Plunge Amidst DMA Rollout
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI