Robert Stein and David Farber, two financial investors who purchased municipal tax liens at New Jersey auctions, have pleaded guilty to bid-rigging. According to the charges, Stein and Farber sought to obtain municipal tax liens at non-competitive interest rates by conspiring with othes not to bid against one another: by law, the bid opens at 18 percent interest and can be driven down to zero through competitive bidding.
Source: DOJ Press Release
