California Real Estate Fraud Report

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Financial Times Publishes Lengthy Story about Crisp & Cole Mortgage Fraud

Many, many articles have been posted in the California Real Estate Fraud Report about David Crisp, Carl Cole and the business they ran in the mid-2000s in Bakersfield that conned banks out of millions.

Now, Financial Times has published an extensive, compelling story that is an intense personal look at both David Crisp and Carl Cole. Writer Gary Silverman looks at their early lives, Cole’s fervent religious beliefs, how the two men came together and how their dishonest practices brought down the real estate market in Bakersfield and perhaps other areas. They and their biblically-named Tower Lending not only fell along with the market, but so did some of their close relatives and employees.

They may have gotten away with their crimes longer if not for the dogged efforts of appraiser Gary Crabtree, who is the real and only true hero of this sordid story.

Silverman correctly notes that “Banks that cheat people pay fines, but people who cheat banks do time.” Prosecutors rarely go after banks, especially in California, and when they do, they take the safe and easy path of seeking financial penalties. Regardless of how wealthy they became, David Crisp, Carl Cole and their associates were neither too big to fail nor too big to prosecute.

© Copyright 2007-2018 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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