NEWARK, N.J. (AP) — Six more people have been indicted in in what federal prosecutors say was a scheme to rig tax lien bids in New Jersey.
The indictment was handed up Tuesday by a federal grand jury sitting in Newark.
Prosecutors say participants conspired to purchase municipal tax liens at higher interest rates than they would otherwise fetch at a competitive auction. As a result, property owners had to pay higher rates than they would if their liens were purchased in a fair bidding process.
The investors allegedly participated in the scheme from at least as early as 1998 and continued until as late as February 2009.
Overall, 20 individuals and entities have been charged as part of an ongoing investigation. Eight people and three companies have pleaded guilty so far.