Bid Rigging is a Felony
Agreements among buyers at
auctions not be bid against each other for the purpose of purchasing gooods
at low and noncompetitive prices can be a criminal violation of federal
antitrust laws and punishable by fine and imprisonment.
Section 1 of the Sherman Act (15 U.S.C. 1)
prohibits bid rigging agreements among competitors if they affect or restrain
interstate commerce. Upon conviction, violators are subject to a fine of
up to $250,000 and/or three years of imprisonment.
Corporations are subject to a fine of up to $10 million.
Information provided as a services
to members of the National Auctioneers Association,
8880 Ballentine,
Overland Park, Kansas, 66214
in cooperation with the United States Department of Justice. |
