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NC alleges bid-rigging at foreclosure auctions

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RALEIGH, NC (AP) -- A Virginia businessman and his company must pay a penalty of more than $47,000 for rigging bids during North Carolina foreclosure auctions.

A Wake County judge has approved state prosecutors' request for a judgment against Bruce Olvin McBarnette of Sterling, VA, and the company Summit Connection LLC. Attorney General Roy Cooper says McBarnette entered agreements to stop bidding on some properties in exchange for payment from other bidders.

Cooper says McBarnette also attempted to get competing bidders to pay him in seven other property auctions. The auctions took place in Durham and Mecklenburg Counties.

McBarnette did not return a call seeking comment Tuesday.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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