Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Georgia real estate investor charged with conspiring to rig bids, commit mail fraud, (Apr 30, 2015)

By Jeffrey May, J.D.

Another real estate investor has been charged with rigging bids on foreclosed properties at public auctions in Georgia’s Fulton and DeKalb counties. David Wedean also was accused of engaging in related conspiracies to commit mail fraud in a four-count felony charge filed in the federal district court in Atlanta on April 27. A guilty plea to the charges is anticipated (U.S. v. Wedean, Criminal No. 1:15-cr-00134-WSD).

According to the filing, from approximately March 2007 until August 2011, Wedean conspired to rig bids for selected properties at public real estate foreclosure auctions in Fulton County. He also was charged with conspiring to rig bids for properties in DeKalb County between March 2007 and September 2011. Wedean was in the business of buying foreclosed properties and then rehabilitating, selling, or renting those homes. In addition, Wedean was charged with conspiring to commit mail fraud in carrying out the two bid rigging conspiracies.

A half dozen individuals have been charged as a result of the Justice Department's ongoing investigation into anticompetitive conduct at Georgia foreclosure auctions. The first charge was filed in September 2013. Most recently, a four-count felony charge was filed against Eric Hulsman in late March for similar conduct.

News: Antitrust AntitrustDivisionNews