California Real Estate Fraud Report

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02
Jul

Guilty pleas for 5th defendant in Crisp and Cole mortgage fraud

Former Crisp and Cole loan officer Christopher Lance Stovall has entered a guilty plea in U.S. District Court as the result of his participation in a mortgage fraud conspiracy in which the principals wrote more than 88 fraudulent loans on homes that later foreclosed, costing lenders millions.

Stovall entered his guilty please to four counts of felony mail fraud and aiding and abetting in front of Judge Oliver Wanger in U.S. District Court, Eastern District of California in Fresno.

Like the four defendants previously convicted, Stovall has not been sentenced yet. He could face up to 30 years in prison on each count, a $1 million fine on each count and mandatory restitution, but his cooperation in testifying against the other defendants could reduce his punishment substantially.

So far, owners David Crisp and Carl Cole have lost their real estate licenses and their relatives Kevin and Leslie Sluga and Megan Balod, and former employee Jerald Teixeira, have accepted pleas for their roles in the conspiracy. In addition, Crisp and Cole are facing lawsuits from lenders.

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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