California Real Estate Fraud Report

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Real Estate Appraiser Blew the Whistle on Crisp & Cole

It was simple comparable sales that did David Crisp and Carl Cole in; some might call it appraisal fraud.

Bakersfield appraiser Gary Crabtree was just going about his normal business back in 2006, writing residential appraisals based on comparable sales, when he realized something was wrong. The Bakersfield Police Department wasn’t trained to deal with this kind of crime, especially on the level Crabtree suspected. So he called the FBI.

“I knew it was going to be inevitable, just a matter of time. I first discovered all the fraud as a normal course of duty as an appraiser because we verify comparable sales. And, when I started seeing sales that didn’t make any sense in the market, I started doing additional work and uncovered this can of worms.” Crabtree’s investigation eventually brought down a lucrative real estate brokerage, resulting in allegations of mortgage fraud and criminal charges now being prosecuted by the U.S. Attorney’s Office.

By blowing the whistle on Crisp and Cole, Crabtree suffered the wrath of mortgage brokers, who stopped sending him appraisals, costing him a drop of 30%.

Doing the right thing can be very expensive.

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© Copyright 2007-2017 Monique Bryher

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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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