3 men admit to roles in conspiracy to rig auction bids
GULFPORT, Miss. (AP) — Three real estate investors have admitted to their roles in a conspiracy to rig bids at public real estate foreclosure auctions in Mississippi.
The Department of Justice announced Kevin Moore, Chad Nichols, and Terry Tolar pleaded guilty Tuesday. News outlets report that Shannon and Jason Boykin pleaded guilty in February in the case.
The DOJ says the primary purpose of the conspiracy was to suppress and restrain competition in order to obtain selected real estate offered at public foreclosure auctions at non-competitive prices.
Court documents say these co-conspirators paid and received money in connection with their agreement to suppress competition, which artificially lowered the price paid at auction for such homes.
The Boykins are scheduled to be sentenced May 15. Sentencing of the other three real estate investors is scheduled for July 5.