California Real Estate Fraud Report

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Crisp and Cole appraiser reaches settlement with lender

Kirksey J. “Mark” Newton Jr., the appraiser who performed valuations for defunct Crisp and Cole, has reached a tentative settlement agreement with subprime lender Fremont Investment & Loan – now Fremont Reorganizing Corp. over his appraisals. Fremont Newton, owner of San Joaquin Appraisals Inc., at valuations it now believes were much higher than the properties were worth and claims it has lost $8.56 million as a result.

This March, an administrative law judge ruled that Newton could keep his license despite finding errors and omissions in his work. Newton faired much better than his former associates David Crisp and Carl Cole, both of whom lost their real estate licenses in 2008. Crisp, Cole and a number of their relatives and associates were investigated by federal authorities for their roles in a mortgage fraud case in which loans were taken out on at least 88 properties that were purchased and later foreclosed.

Read the full article in the Bakersfield Californian.

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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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