The owner of Penguin Properties, LLC, (“Company”), a Georgia real estate company has pleaded guilty to bid rigging at public auctions and mail fraud, according to federal prosecutors.
Prosecutors stated that between February 2007 and January 2012, the Company conspired with others not to bid against each other at Fulton County auctions and would designate a selected bidder to obtain specific properties. The properties were then auctioned again privately among participants in the conspiracy. The Company would fraudulently acquire titles for each parcel through the mail.
Officials say Penguin Properties LLC was also charged with being involved in similar scheme in DeKalb County from July 2004 to January 2012.
This information is from an article in Bloomberg News.
Realty Mogul, a crowdfunding site for real estate, reports that it’s attracted more than $4 million in cumulative investments through Sept. 26, helping fund purchases or equity stakes in 20 properties valued at more than $20 million and returning $384,769 to investors. See realtymogul.com
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According to Realtor.com: Atlanta Georgia is included as one of five markets with the greatest yearly inventory increases in July. The other markets are Riverside-San Bernardino, California; Dayton-Springfield, Ohio; Sacramento, California; and Santa Fe, New Mexico.
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