Lo

Plainstiffs and respondents Hing Kwan Lo and Yuk Lin Fung were the owners of a condominium in Malibu. Appellant Peter Jensen (as trustee of the Las Vírgenes Trust) and Kevin Ko bought the condominium at a nonjudicial foreclosure sale. On respondents’ complaint, the trial court found that Jensen and Ko violated Civil Code section 2924h, subdivision (g). We affirm.

Summary

Both Jensen and Ko were in the business of purchasing property at foreclosure sales. They were experienced competitors. Each planned to bid at the foreclosure sale of respondents’ property, but agreed instead to join together in one bid so that they could acquire the property for less. They were successful in this plan: though each had planned to bid $100,000, and each valued the property at $150,000 or more, Jensen and Ko jointly purchased the property for $5,412.

We hold that this conduct violated section 2924h, subdivision (g). That statute provides that “It shall be unlawful for any person, acting alone or in concert with others, (1) to offer to accept or accept from another, any consideration of any type not to bid, or (2) to fix or restrain bidding in any manner, at a sale of property conducted…