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Monday, Nov 04 2013 11:05 AM

Federal agents raid Crisp and Cole homes and businesses

  1. 1 of 5

    By Gretchen Wenner

    State real estate officials included David Crisp's mansion on New Quay Court in Seven Oaks in Monday's accusation against Crisp, former partner Carl Cole and three employees of the former Crisp & Cole Real Estate. Crisp defaulted on a $1.75 million loan against the home in June.

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  2. 2 of 5

    By Casey Christie

    Partner Carl Cole loaned Crisp a couple thousand dollars when he was just getting started and has been repaid many times over, he said.

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  3. 3 of 5

    By Henry A. Barrios

    David Crisp stands next to a chartered Gulf Stream jet before boarding with his staff for a convention in Las Vegas. The 26-year-old Bakersfield millionaire has made a fortune in Bakersfield's housing boom.

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  4. 4 of 5

    By Casey Christie

    FBI agents walk out of Crisp & Cole Real Estate office at 8200 Stockdale Highway, when investigations were taking place.

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  5. 5 of 5

    By Casey Christie

    A Department of the Treasury Special Agent walks to his car near 8200 Stockdale Highway, Wednesday, during an investigation at Crisp & Cole Real Estate office.

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By The Bakersfield Californian

FBI agents this morning searched Bakersfield entrepreneur David Crisp’s real estate office on Stockdale Highway and his Seven Oaks home, as well as the homes and offices of several of his business associates and family members, an agency spokesman confirmed.

The searches of 13 businesses and residences were carried out in coordination with the IRS, the Bakersfield Police Department, the Kern County Sheriff’s office and the state Department of Real Estate. They follow state regulators’ release Tuesday of a 25-page report accusing Crisp, 28, and his former business partner, Carl Cole, 60, of deceiving lenders, falsifying information and paying employees to take out loans.

Steve Dupre, special agent and spokesman for the Sacramento division of the FBI, said agents searched the office of Points West Realty on Gosford Road, where Cole works with his son, Alan.

Carl Cole, 60, former managing broker of Crisp & Cole Real Estate, pulled up in front of his son Alan Cole’s home on Ribble Valley Drive in a silver Mercedes sedan around 1:30 p.m.

The street is in the Seven Oaks at Grand Island neighborhood where several of the federal raids were taking place. Cole drove off alone in the vehicle. When a reporter followed in a car and tried to talk to him in a nearby cul-de-sac, Cole sped up and drove away.

Also Wednesday afternoon, a security guard told a reporter the Grand Islands homeowners association had held an emergency meeting and voted to deny media access to the area.

The roads are privately maintained by the association. A Californianlawyer said the association can deny access to reporters.

Agents also served warrants at the home of Crisp’s in-laws, Kevin and Leslie Sluga, who live on Crown Crest Drive, and the home of Crisp’s mother, Tu, who also lives on Crown Crest Drive.

Outside Tu Crisp’s home, at around 11 a.m. Wednesday, two men were seen being led from the home in handcuffs and into a Bakersfield Police Department vehicle.

Dupre said the FBI would review documents seized Wednesday to determine whether any federal laws had been violated.

“We need to review the items that we’ve received to determine whether there’ve been any violations,” Dupre said.

A spokeswoman for IRS criminal investigations, Arlette Lee, said she could not comment on the searches because affidavits for the search warrants are sealed.

At the scene outside the home of David and his wife, Jennifer, at 10509 New Quay St., a list in possession of law enforcement officers detailed what investigators may have been looking for:

“For the following real estate transactions, any and all bank records, documents, or materials pertaining to real estate appraisals, real estate transactions, real estate loan applications, and other documentation.

“Records include, but are not limited to, business and personal financial documents, bank statements, canceled checks, deposit slips, records disbursement journals, records of cash transactions, money orders, cashier’s checks, check stubs, check registers and checking and savings account documents, client lists, correspondence, real estate deeds of trust and investment records.”

Homes searched Wednesday include:

- 5208 Glacier Canyon Court, a home owned by Cole

- 10800 Stratton Court, a home owned by Michael Munoz

- 11911 Crockett Court, a home owned by Jerald Teixeira

Californian reporters at many of the locations where warrants were served Wednesday observed agents carrying out boxes of documents. But law enforcement officials would say nothing of their activities.

Dupre also confirmed that agents searched San Joaquin Valley Appraisals, 4500 California Ave, Suite 209. The operator of San Joaquin Appraisals Inc. is listed as Chris Newton. When contacted by phone at the firm’s main number Wednesday morning, a man who identified himself at Chris quickly hung up the phone without commenting.

Californianreporters at Cole’s offices on Gosford Avenue and White Lane tried to talk with employees who were outside dealing with customers while agents were inside the offices. But employees refused to talk about the situation.

At 5208 Glacier Canyon Court, a woman who identified herself as a visitor to the home confirmed that agents had been there Wednesday morning. She said that Cole rents out the home to renters.

An FBI agent who answered a reporter’s knock on the door at 10800 Stratton Court would say only that agents expected to be there working for several hours.

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