California Real Estate Fraud Report

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Crisp & Cole Defendant Gets 6+ Year Prison Sentence

Jayson Peter Costa, 41, of Bakersfield, who was a loan officer in the largest mortgage fraud prosecution in Bakersfield, was sentenced to 78 months in federal prison.

Costa worked for David Crisp and Carl Cole at their Tower Lending mortgage brokerage. He admitted in his plea agreement  that he submitted fraudulent loan applications for his co-conspirators and straw buyers and for himself acting as a straw buyer. He also admitted that the frauds he committed resulted in losses to the lenders of at least $7,580,019.

The mortgage fraud conspiracy operated from January 2004 to September 2007.

You can read many articles about the Crisp & Cole mortgage fraud conspiracy, which was prosecuted by the office of U.S. Attorney Benjamin Wagner, by searching for them on the California Real Estate Fraud Report.

Read the original article in the Central Valley Business Times.

© 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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