Financial Crimes Weekly: DOJ indicts 6 of America’s largest landlords, man pleads guilty to $9.4M cryptocurrency scheme – Cushman & Wakefield (NYSE: CWK)

U.S. Justice Department sues six of the largest landlords, alleging pricing schemes harm struggling tenants

The U.S. Department of Justice on Tuesday revised its antitrust lawsuit against real page They include six of the nation’s largest landlords suspected of participating in an algorithmic pricing scheme.

lawsuit alleges Gray Star Real Estate Partners LLC, LivCor LLC, a Blackstone Company, Camden Property Trust, Dade Leung CWK and Pinnacle Property Management Services, Inc., Willow Bridge Real Estate Co., Ltd. and Cortland Management Ltd. Share rental and occupancy data with competing companies to avoid lowering rents.

The landlords, who collectively operate more than 1.3 million apartments in 43 states and the District of Columbia, allegedly shared information including renewal rates and even pricing methods for the coming quarter.

Read next: Supreme Court hears TikTok’s arguments over app ban: ‘Essentially, the platform is shut down’

“While Americans across the country struggled to afford homes, the landlords named in today’s lawsuit shared sensitive information about rent prices and used algorithms to coordinate to keep rent prices high,” said the Acting Assistant Attorney General. Dohamaki Department of Justice Antitrust Division.

“Today’s action against RealPage and six major landlords aims to end their practice of putting profits before people and make housing more affordable for millions of people across the country,” Maki added.

Oklahoma man pleads guilty to $9.4 million cryptocurrency scheme

Travis FordThe 35-year-old Glenpool, Okla., man admitted Friday to participating in a cryptocurrency investment scheme that fraudulently raised $9.4 million from about 2,800 investors.

Ford is the company’s CEO, co-founder and chief trader Wolf Capital Cryptocurrency Trading Ltd.a purported cryptocurrency investment company. From January 2023 to August 2023, Ford solicited investments through Wolf Capital’s website and other social media and online promotions, and promoted himself as an experienced trader.

Ford lured victims with promises of high daily returns of 1 to 2 percent, later admitting that he did not believe these investment returns could be consistently achieved. Ford also misappropriated and transferred investor funds to benefit itself and its co-conspirators, harming the economic interests of investors.

Read more:

Image: Shutterstock