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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 278 / 352

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© D.L. Crumbley

Bid Rigging Red Flags

Low turnout of auction attendees.

Winking, hand signals or other similar signs among dealers after the bidding is opened.

A uniformity to the bidding. For example, Dealer One bids on a particular lot and buys it with little or no activity, and then Dealer Two buys another lot, again with little or no competition.

Difficulty getting things going.

A lot of handshaking and other signs of recognition among several dealers before or after the auction takes place.

An air of silence throughout the auction since auctions are generally noisy – or conversely, a lot of conversation among bidders during the sale of lots they normally should be bidding on.

Low competition among known dealers who normally bid strongly against one another.

Source: www.harryrinker.com/bidrigging: The Official Government Auction Guide.

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