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Georgia real estate investor Clifford Hill indicted on bid-rigging and bank fraud charges involving municipal foreclosure auctions

( February 3, 2016, 23:14 GMT | Official Statement) -- MLex Summary: Georgia real estate investor Clifford Hill was indicted in the Northern District of Georgia on one count of bid-rigging and seven counts of bank fraud. Hill and unnamed co-conspirators allegedly held secret “second auctions” of properties they had obtained through rigged bids, dividing the auction proceeds that should have gone to pay off debts against the properties and, in some cases, to homeowners who had defaulted. The fraud charges stem from the artificially depressed home values that were reported to the banks selling the foreclosed properties.See indictment....

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