Real Estate

Monday, May 12 2014 02:34 PM

Crisp & Cole agent gets 19 months behind bars

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    By Casey Christie / The Californian

    FBI agents escort Jeriel Salinas from U.S. Bankruptcy Court on 18th Street in downtown Bakersfield after his arraignment on Jan. 21, 2011.

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By THE BAKERSFIELD CALIFORNIAN

Jeriel Salinas, a former sales agent at Crisp & Cole Real Estate, was sentenced to 19 months in prison Monday.

Salinas had faced up to 30 years in prison and a $1 million fine after agreeing to plead guilty to one count of conspiracy to commit mail, wire and bank fraud.

He was allowed to wait to turn himself in July 14 to begin serving his sentence.

Prosecutors had accused Salinas of knowingly providing false information on loan applications submitted to lenders who they said lost as much as $2.5 million because of his actions.

Court papers also say he was a "straw buyer" on at least six properties where now-defunct Crisp & Cole had its associates and their friends and family members nominally purchase homes. The homes were actually owned by the company, which folded at about the time many of its properties went into foreclosure.

Salinas was the eighth Crisp & Cole defendant to be sentenced in the case. Another seven await sentencing. The last of them, former operations manager Julie Dianne Farmer, is scheduled to be sentenced July 14.

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