Man in violation of privacy law

Breaking news and expert analysis on legal and compliance issues

[Back To Home][Back To Archives]

From Antitrust Law Daily, July 25, 2016

Another guilty plea, another charge in Georgia real estate auction bidding probe

By Jeffrey May, J.D.

A Georgia real estate investor who was charged last month for rigging bids at real estate foreclosure auctions has pleaded guilty to conspiring to rig bids and conspiring to commit bank fraud, the Department of Justice Antitrust Division announced today. The plea deal involving James R. Patterson Jr. follows a new charge filed just last week against real estate investor Christopher Anderson in the ongoing investigation (U.S. v. Patterson, Case 1:16-cr-00196-TWT; U.S. v. Anderson, Case 1:16-cr-258-WSD).

Patterson was charged on June 8 in a two-count information with conspiring to rig bids at foreclosure auctions in Georgia's Gwinnett County. He also was charged with conspiring to commit bank fraud. According to the Justice Department, Patterson participated in the challenged conduct from May 2007 until November 2011.

Patterson has now admitted to agreeing with co-conspirators not to compete for the purchase of selected foreclosed homes so that they could win the auctions for those homes with artificially low bids, the Justice Department announced. The winning bidders then paid off the conspirators who had refrained from bidding against them, it was noted. The terms of a plea agreement were not disclosed.

Latest charge. According to today’s Justice Department announcement, 22 defendants have been charged in connection with the government’s ongoing antitrust investigation. The filing against Anderson is the latest in the probe. On July 20, Anderson was accused of conspiring to fix bids at foreclosure auctions in Georgia’s Fulton and DeKalb counties. Anderson allegedly engaged in the conduct in Fulton County between December 4, 2007, and October 4, 2011, and in DeKalb County between September 1, 2009, and November 1, 2011. Anderson also was charged with participating in related conspiracies to commit mail fraud during the same periods.

MainStory: TopStory Antitrust AntitrustDivisionNews

Back to Top

Antitrust Law Daily

Introducing Wolters Kluwer Antitrust Law Daily — a daily reporting service created by attorneys, for attorneys — providing same-day coverage of breaking news, court decisions, legislation, and regulatory activity.

A complete daily report of the news that affects your world

  • View full summaries of federal and state court decisions.
  • Access full text of legislative and regulatory developments.
  • Customize your daily email by topic and/or jurisdiction.
  • Search archives for stories of interest.

Not just news — the right news

  • Get expert analysis written by subject matter specialists—created by attorneys for attorneys.
  • Track law firms and organizations in the headlines with our new “Who’s in the News” feature.
  • Promote your firm with our new reprint policy.

24/7 access for a 24/7 world

  • Forward information with special copyright permissions, encouraging collaboration between counsel and colleagues.
  • Save time with mobile apps for your BlackBerry, iPhone, iPad, Android, or Kindle.
  • Access all links from any mobile device without being prompted for user name and password.