Calif. Investor Convicted in Foreclosure Auction Scheme – NMP
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Calif. Investor Convicted in Foreclosure Auction Scheme

Feb 07, 2017
A federal jury convicted real estate investor Thomas Joyce for his role in a conspiracy to rig bids at public real estate foreclosure auctions held in Contra Costa County, Calif.

A federal jury convicted real estate investor Thomas Joyce for his role in a conspiracy to rig bids at public real estate foreclosure auctions held in Contra Costa County, Calif.
 
The Department of Justice (DOJ) accused Joyce of being part of a conspiracy that negotiated payoffs for agreeing not to compete in foreclosure auctions. Members of this conspiracy later held private auctions known as “rounds” to determine the amounts of the payoffs for those participating in the bid suppression. To date, 64 people were either convicted or pleaded guilty for their roles in this scheme.
 
Joyce was charged in an indictment returned by a federal grand jury in the Northern District of California in December 2014. Yesterday, a jury convicted Joyce of one count of conspiring to rig bids at foreclosure auctions between about June 2008 and January 2011. A sentencing date has yet to be scheduled.
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Phil Hall
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Feb 07, 2017
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