“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.