New lawsuit accuses PWCC of massive shill bidding

[Balticfox]

Originally Posted by raulus

Favorite passage so far:

The frequency with which other bidders matched or closely approached Alt’s maximum bids was especially unlikely in legitimate auctions because, during that time period, Alt had idiosyncratic incentives to acquire inventory to jump start its own marketplace, which led Alt to submit maximum bids that it considered abnormally high.

Translation:

We were doing stupid stuff and bidding like drunken sailors because we had our own monetary reasons for wanting to rip other people off ourselves. The fact that we weren't winning everything hands down with our stupid bids is a clear sign that the fix was in!

Precisely!

Originally Posted by jayshum

Isn't this a civil case instead of criminal?

Which is why I think this should be a criminal case or no case at all. I can't sympathize with the idiots at Alt, but shill bidding is a criminal offense. So that's the way it should be tried.