New lawsuit accuses PWCC of massive shill bidding

[Peter_Spaeth]

22. Alt was informed that PWCC, including its CEO and another senior
executive, had access to maximum bids submitted by Alt and others despite PWCC’s
representation that maximum bids were “private and … only viewable by the client that
submitted the bid.”
23. Alt was also informed that PWCC, which “financially pre-qualified”
bidders for its premier auctions, flagged to its personnel when high net-worth bidders such as Alt
were bidders in PWCC auctions, and, on many such occasions, arranged, and/or solicited shill
bids to drive up the auction price. Alt learned that PWCC’s senior executives communicated
within PWCC that a high net-worth bidder’s participation in auction bidding presented a golden
opportunity to set a new record comp or sales price.
24. Alt was informed that PWCC arranged or solicited shill bids from both
internal and external sources. Alt learned that certain accounts that submitted bids in (but did not
win) PWCC auctions had identifiers indicating that the bids came from within PWCC, despite
PWCC’s representation that “[a]ll employees are prohibited from bidding on PWCC Auction
items.”

It will be VERY interesting to see who Alt's source is (or sources).