Bid Rigging | M&B Builders Fined $250,000, Ordered to Pay Restitution for Fixing Foreclosure Auctions

“The Obama administration has made prosecuting financial and real estate fraud a priority, and the Justice Department has touted each conviction.”


Mobile company fined $250,000, ordered to pay restitution for fixing foreclosure auctions

MOBILE, Alabama — A local company will pay a $250,000 fine plus restitution for rigging real estate foreclosure auctions, a federal judge ruled this afternoon.

U.S. District Judge Ginny Granade endorsed the deal worked out between prosecutors and attorneys for M&B Builders. Company co-owner Harold H. Buchman, who appeared on behalf of the corporation today, faces 6 months in jail and a $21,141 fine at his sentencing hearing in April.

Defense attorney Donald Briskman said in an interview that M&B Builders will take a hit.

“It’s not a positive effect, but it’s something they are going to work towards satisfying,” he said.

Buchman, along with his firm and Allen K. French pleaded guilty in October to violating the Sherman Anti-Trust Act in a scheme dating to May 2001.

Rest here…


12 Responses to “Bid Rigging | M&B Builders Fined $250,000, Ordered to Pay Restitution for Fixing Foreclosure Auctions”
  1. blow hard says:

    The article is about home auctions, and the first lady’s comment is about storage auctions, however, I have to concur, most auctions are rigged. Ebay auctions are one example, the stock market or futures markets are others. There are techniques you have to use to counter the rigging. If the final sale departs significantly from the market value or the same individuals(or backers) keep winning are good clues of a rigged auction. This is why riggers hide these details so the scam goes on.

    In most of the news articles regarding home auctions, it is amazing that only if the rigging led to lower sale prices is it prosecuted. If Homepath or one of its government sponsored cousins is bidding against you to up the sales price so that the banks can recover some bogus Lehman-era home value, how are you going to know?

  2. Fury says:

    let me tell you… all of the auctions are rigged.

    the storage facilities kept jacking up our storage rates. and then put our family belongings up for auction.

    the ad in the paper was bogus.

    i sat all day in the lobby of this facility to whom we had paid the price of a home anywhere else in america.

    they kept telling me conflicting info. it was insane. he was horrific.

    and the after sitting there 8 hours trying to salvage my family heirlooms (valuable ONLY to us—photos, etc), the
    manager threatened to have me arrested after i finally broke down and started crying after he had dicked me around for 8 hrs — cheanging the time when the auction would start, the terms of the auction, etc

    it is all bogus.

    MANHATTAN MINI STORAGE — you are scum!

    when the auctioneer arrived and the 6 flea market guys, i was in a fragile emotional state. i told them, “look all i want is our home movies and our creative work. i don’t care about anything else.
    take my late mother’s fur coat!”

    i will never forget those guys flea market guys. they were actually trying to comfort me. they said, “miss. miss, it will be all right.”

    one buyer made a small offer and none of the others would bid. the auctioneer would not accept the bid.

    i was able to clear out the things that mattered. i will never ever store anything ever again.

    so yes, people. the auctioneers are rigged. the storage units and the house or condo auctions.

    it is all rigged by the banks and their criminal enterprises. no regular person could ever have win any of these auctions.

    STOP all evictions, foreclosures, auctions— it is all criminal!

    all of it!

    Stroge Wars is not entertainment— it is abuse and people’s suffering put on public display.

    stop it!!!!!

    • Fury says:

      auctions. the auctions are rigged.

      the auctioneer was actually nice.

    • lvent says:

      I so agree Fury! What kind of people have we become when we view the shattered lives of people losing the little bit they have left as entertainment?.. Sadly our society has vastly deteriorated…PEOPLE ARE BRAINWASHED!!!!!…CNBCs Diana Olick had the gall to say that principle reductions could lead to an issue of moral hazard…she had the gall to say that when our homes are paid for?..Everyone should revolt on everything…your fellow man need your support…these dirty bastards on Wall Street and in the media are who have NO MORALS…..THEY ARE PARADING OUR ROBBERY ON TV FOR ALL TO SEE……TIME WE ALL CAPITALIZED ON THEM! !!!!

      • Fury says:

        sorry that i had so many typos but i am glad that you got my point, Ivent.

        i do not take delight in the misery of others.

        all of the foreclosed homes have terrible karmic energy.

        if someone one wanted to walk away, that is a different mater. but for most, these homes were stolen out from under people. sadness, dark energy and bad luck will be part of these homes.

      • MARIO KENNY says:

        I think we should not fight with each other makes no good things happen, we have been fighting the banks for so long and we seem to be getting no where, more people have lost their homes than ever before since the start of just January alone, the banks are going to get away with their crimes, we have to Occupy.

      • lvent says:

        Fury, I agree…so many tragic stories all around…there has to be a way to release some positive energy…maybe I need to pray more…Being bogged down with worry all of the time zaps everything like our immunities and our peace of mind…that is what they want so, starting tomorrow I will start out my day with a prayer…We need all the help we can get….!

  3. lvent says:

    Evil people have hijacked the world…they are bold now and are being exposed….they use weapons of financial debt and destruction to continue to weaken us financially, physically, spititually and mentally….when their work is done then they will usher in their NEW WORLD ORDER under the guise of another manufactured terror attack, war, financial crisis or both….their first srike on us in their evil end game plan was on 9/11….then the engineered financial crisis…it is up to all of us to hold those responsible acccountable who are mainly the politicians…Obama said the other day we have to try harder..I agree…people are way too passive…we keep letting them get away with everything…you tube search the black pope, the mossad and 9/11…..

    • lvent says:

      The same group…the top TWO PERCENT…BROUGHT DOWN GERMANY….the PLUTOCRATS are the !%….THE OLIGARCHS are in the TWO PERCENT…….the rest of us comprise the upper, middle and lower classes….WE ARE THE NINETY EIGHT PERCENT……in Germany the campaign to bring down GERMANY began with the introduction of pornographic books and other distractions in the late EIGHTEEN HUNDREDS…that was how the Oligarchs set the people up…with distractions…by the time the people woke up it was too late…

  4. Zee says:

    Ah, the law being applied to the 99%, not the political banker elites above the law.

  5. Beth A. says:

    The Obama administration has made prosecuting financial and real estate fraud a priority, and the Justice Department has touted each conviction.

    (The last line in that story).

    HAH! If that were the case, some banksters would be sweating right now.

    They are going after the small playsers and “touting” each conviction to make it look like their actually doing something.

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