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Penn State Credit Union rigged an auction of a reposessed auto
The Penn State Cedit Union rigged an auction of a reposessed auto in order to sell it to a member of its Board of Directors.
I had saw the car sitting on their lot for a while. They had held a sealed bid auction with a minimum $11,000, but nobody submitted a bid. They then opened the auction with no minmum bidand set a deadline of August 18th for sealed bids. I thought, "what the hell" and submitted a low ball bid of $5000. Well, the day the bidding closed I heard from thier staff that they were extending the deadline two weeks because no one else bid.
It turns out that on the final day of the new deadline, someone submitted a $6400 bid. Want to take a guess who? It was a member of their own Board of Directors.
Can you say breach of contract (moving the deadline)...can you say self-dealing (Board members profiting from a nonprofit organization)...can you say insider trading (where did the Board member get her low-bid info from?)