CA Dept of Real Estate accuses former high profile realtors of fraud

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To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.reports that on September 10, 2007 the California Department of Real Estate filed a 24 page accusation in a Sacramento Court accusing the following people of participating in real estate fraud which defrauded lenders of millions of dollars. The accusation is not a criminal charge and is part of a case that has been investigated for several months
David Crisp,
Carl Cole,
Crisp & Cole a now defunct real estate company
Tower Lending a defunct mortgage company
Sneha Mohammadi a real estate broker
Jill Louise Penheiro a real estate agent
Robinson Dinh Nguyen a real estate agent
It is alleged that Crisp and Cole used employees and relatives as ”straw buyers” who took out huge loans to buy property for Crisp and Cole, the accusation says. Many of the people who took out the loans have defaulted, resulting in profits for Crisp and Cole and losses for mortgage companies.
The accusation says Cole and Crisp repeatedly borrowed huge sums of money or helped others get huge loans by providing false information on applications.
In one case, the accusation says, Crisp paid Mohammadi, a Crisp & Cole employee, to take out a $1.1 million mortgage on a house in Seven Oaks. Then, within two months, Crisp helped his mother-in-law get a $1.7 million loan to buy the house, the accusation says. To get the loan, the accusation says, Crisp, Cole, Crisp & Cole and Tower Lending, helped the mother-in-law, Leslie Sluga, claim she was owner of a local business. She was not, the filing says.
In another case, the accused people helped Leslie Sluga get loans for $375,000 to buy a house in southwest Bakersfield by ”representing” to the mortgage company that Sluga worked for Crisp & Cole Realty, the accusation says. That wasn’t true, the allegation says.
In yet another case, the accusation says, Cole and Crisp and their companies helped Crisp’s wife, Jennifer, get loans for $659,000 on one house and $320,000 on another. She got the loans from separate mortgage companies by applying for them at the same time and not telling either lender about the other application, the accusation says.
That’s the same thing that happened in another case, when Crisp borrowed $1.45 million on one house and $1.06 million on another at the same time without telling either mortgage company, the accusation says.
If proved to an administrative law judge, the allegations could result in the suspension, revocation or other action against the real estate licenses of the accused.
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