{"id":26595,"date":"2016-09-14T17:31:34","date_gmt":"2016-09-15T00:31:34","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=26595"},"modified":"2016-09-14T17:34:25","modified_gmt":"2016-09-15T00:34:25","slug":"ten-california-real-estate-investors-sentenced-for-bid-rigging-and-mail-fraud","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=26595","title":{"rendered":"Ten California Real Estate Investors Sentenced for Bid-Rigging and Mail Fraud"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\"><strong>CALIFORNIA<\/strong><\/span><\/p>\n<hr \/>\n<p><span style=\"font-size: 14pt;\">Ten Eastern California real estate investors were sentenced this week for rigging bids and committing mail fraud at public real estate foreclosure auctions in Eastern California, officials announced.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-6172 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading-300x228.jpg\" alt=\"FBI Insider Trading\" width=\"300\" height=\"228\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading-300x228.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading-45x35.jpg 45w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>The primary purpose of the conspiracies was to suppress and restrain competition and to conceal payoffs in order to obtain selected real estate offered at San Joaquin County public foreclosure auctions at non-competitive prices, according to authorities.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">When real estate properties are sold at these auctions, the proceeds are used to pay off the mortgage and other debt attached to the property, with remaining proceeds, if any, paid to the homeowner, officials said. \u00a0<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">According to court documents, these conspirators paid and received money to pay off the mortgage and other holders of debt secured by the properties.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">\u201cThese defendants rigged foreclosure auctions to profit at the expense of mortgage holders and homeowners,\u201d said Acting Assistant Attorney General Renata Hesse of the Department of Justice\u2019s Antitrust Division. \u00a0\u201cYesterday\u2019s sentences send a strong message that conspiracies to eliminate competition in any area of our economy will not be tolerated.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">\u201cMy office will continue to fight real estate fraud in all its forms, including bringing to justice those who would subvert public foreclosure auctions for their own personal gain,\u201d said Acting United States Attorney Phillip A. Talbert of the Eastern District of California.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><strong>The following individuals were sentenced in the U.S. District Court for the Eastern District of California in Sacramento:<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt;\">Anthony B. Ghio of Stockton, California, was sentenced to serve five months in prison and ordered to pay a $1 million criminal fine and $214,544 in restitution to the victims of the crime<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">John R. Vanzetti of Stockton, California, was sentenced to serve five months in prison and ordered to pay a $1 million criminal fine and $271,454 in restitution to the victims of the crime.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Theodore B. Hutz of Stockton, California, was sentenced to serve five months in prison and ordered to pay a $250,000 criminal fine and $76,670 in restitution to the victims of the crime.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Richard Northcutt of Stockton, California, was sentenced to serve seven months in prison and ordered to pay a $1 million criminal fine and $614,982 in restitution to the victims of the crime.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Kennen A. Swanger of Alta, California, was sentenced to serve five months in prison and ordered to pay a $5,000 criminal fine.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Wiley C. Chandler of Stockton, California, was sentenced to serve seven months in prison and ordered to pay a $500,000 criminal fine and $614,982 in restitution to the victims of the crime.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Walter Daniel Olmstead of San Francisco, California, was sentenced to serve eight months in prison and ordered to pay a $29,687 in restitution to the victims of the crime<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Gregory L. Jackson of Lodi, California, was sentenced to pay a $150,000 criminal fine and $20,900 in restitution to the victims of the crime.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\"> Robert Rose of Danville, California,\u00a0was sentenced to pay a $100,000 criminal fine and $24,128 in restitution to the victims of the crime.<\/span><br \/>\n<span style=\"font-size: 14pt;\"> Anthony B. Joachim of Stockton, California, was sentenced to pay a $175,000 criminal fine and $94,154 in restitution to the victims of the crime<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Two other real estate investors, Andrew B. Katakis and Donald M. Parker, were convicted at trial of bid rigging in March 2014.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt;\">A total of thirteen individuals pleaded guilty or were convicted in the U.S. District Court for the Eastern District of California in connection with this investigation.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CALIFORNIA Ten Eastern California real estate investors were sentenced this week for rigging bids and committing mail fraud at public real estate foreclosure auctions in Eastern California, officials announced. The primary purpose&#8230;<\/p>\n","protected":false},"author":1,"featured_media":16417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[488],"class_list":["post-26595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-real-estate-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real Estate Investors Sentenced for Bid Rigging, Mail Fraud<\/title>\n<meta name=\"description\" content=\"Ten California real estate investors were sentenced this week for bid rigging and mail fraud involving foreclosure properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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