A California man has been indicted by a federal grand jury for allegedly trying to rig public foreclosure auctions in Northern California between 2008 and 2011.
Ramin Rad "Ray" Yeganeh of San Mateo has been charged with participating in conspiracies to rig bids and defraud mortgage holders in Alameda County, Calif., according to the
A total of 54 individuals have pleaded guilty since the FBI began its investigation into bid-rigging at public foreclosure auctions in California. An additional 21 real estate investors have also been charged in indictments for related charges.
Yeganeh is alleged to have conspired with others to not bid against each other and to have designated a winning bidder ahead of time, during foreclosure auctions. Then those properties were awarded to conspirators who submitted the highest bids at private actions, which often took place at or near the courthouse steps.
