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Firm Admits Role in NJ Tax Lien Bid Rig Scheme

A Pennsylvania company has pleaded guilty in what federal prosecutors say was a scheme to rig tax lien bids in New Jersey.

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Crusader Servicing Corp. of Jenkintown entered its plea Wednesday in U.S. District Court in Newark.

The company became the tenth defendant to plead guilty in the scheme, which prosecutors say involved numerous people and operated for several years. Eight individuals and another company have also entered guilty pleas in recent months.

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.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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