California Real Estate Fraud Report

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20
Aug

Appraiser in Crisp and Cole Case Surrenders His License

In a case with many victims, but a long, expensive investigation that has yet to yield a prosecution, another party has given up his license.

Gary L. Killian was the appraiser used by Jennifer Crisp, wife of Crisp and Cole principal David Crisp to purchase a million dollar property located at 11219 Draper Court in 2006. Instead of performing his appraisal according to the Uniform Standards of  Professional Appraisal Practice required by the California state Office of Real Estate Appraisers (OREA), Killian inflated his estimate of the value of the property by ignoring true comparables in favor of numbers that would yield a larger loan for Jennifer Crisp. Crisp’s house later fell into foreclosure and was ultimately sold for $510,000 in June 2008.

By surrendering his license, Killian may no longer conduct appraisals in the state of California. Should he ever (heaven forbid) reapply for his license, Killian’s former conduct would be evaluated and he would be responsible for some of the costs associated with investigating his actions.

Crisp and Cole were once dominant players in Bakersfield real estate. Although there were raids on their offices by the FBI in 2007, no charges have been filed against either David Crisp or Carl Cole to date, although the California Department of Real Estate (DRE) has revoked their real estate licenses. Their brokerage firm Crisp and Cole was sued by the former Fremont Investment and Loan for filing false loan applications on 7 properties for which Fremont funded loans in 2005 and 2006. Fremong Investment Loan is now called Fremont Reorganization Corp.

Read the Full Article in the Bakersfield California.

Also search the California Real Estate Fraud Report’s database for earlier articles on Crisp and Cole.

© Copyright 2007-2017 Monique Bryher

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