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Ga. real estate company guilty in bid rigging

8:14 PM, Oct 22, 2013   |    comments
(AP file)
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ATLANTA -- Federal prosecutors say the owner of a Georgia real estate company has pleaded guilty to bid rigging at public auctions and mail fraud.

Officials say Penguin Properties LLC and its owner, Seth D. Lynn pleaded guilty Tuesday to separate felony charges that were filed Sept. 23.

Prosecutors say 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. Authorities say 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.

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