California Real Estate Fraud Report

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30
Sep

Julie Farmer, Crisp & Cole Defendant, Gets Prison and Hefty Fine

Crisp & Cole defendant Julie Farmer felt the full weight of the judicial system this past Monday.

Farmer, who was the Chief Operations Officer for the firm, was sentenced by United States District Judge Lawrence J. O’Neill to three years in prison, to be followed by five years of supervised release. Showing just how profitable mortgage fraud was for Farmer and the company, Judge O’Neill further ordered her to pay $2,914,331 in restitution and to forfeit $15 million. That’s not bad income for a scheme that ran for less than four years and saw lenders defrauded out of millions when she and principals David Crisp and Carl Cole used straw buyers to buy and sell residential properties at inflated prices, skimming non-existing equity to line their pockets. All the properties ultimately were foreclosed.

Farmer’s harsh punishment, according to the judge, resulted from her supervising some of her co-defendants in the mortgage fraud conspiracy and for testifying falsely at the trial.

Benjamin Wagner, U.S. Attorney for the Eastern District of California, announced that “Today’s sentencing is the result of a culture of greed and opportunism that saturated a Bakersfield real estate company.”

Read the original article in KERO-TV.

 

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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