Man pleads guilty to rigging bids at foreclosure auctions

Published 10:14 am Wednesday, June 20, 2018

GULFPORT, Miss. (AP) — Prosecutors say a businessman accused of conspiring to rig bids at public foreclosure auctions in Mississippi has become the sixth real estate investor to plead guilty in the investigation.

A U.S. Department of Justice release states that Ivan Spinner pleaded guilty Monday in U.S. District Court to one charge of price fixing. Prosecutors say that from April 2010 to August 2015 Spinner and co-conspirators fixed prices on foreclosed real estate being auctioned at county courthouses.

The formal charge filed against Spinner and others says they agreed in secret who would bid on specific properties. The conspirators who agreed not to bid on them received payoffs.
Spinner’s sentencing is Oct. 17. Judge Louis Guirola Jr. is presiding over the cases.

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It is unclear if Spinner has a lawyer.