Local News

Monday, Jun 02 2014 06:42 PM

Two more Crisp & Cole defendants sentenced

By THE BAKERSFIELD CALIFORNIAN

Two defendants in the Crisp & Cole Real Estate mortgage fraud scheme were sentenced Monday in federal court.

Christopher Lance Stovall, 41, of Bakersfield, was sentenced to 12 months in prison, followed by 30 months of supervised release, for four counts of mail fraud and aiding and abetting.

Stovall was a loan officer with Tower Lending, a mortgage brokerage affiliated with Crisp & Cole. According to federal prosecutors, on many of the loans Stovall processed, he knowingly caused false statements to be made in loan applications of straw buyers to purchase properties for the benefit of Crisp & Cole.

Stovall had agreed to a plea deal.

Also sentenced was Megan Balod, 34, of Bakersfield. She received 36 months of probation for four counts of mail fraud and aiding and abetting. She was a straw buyer for several properties that benefitting Crisp & Cole.

Balod is the daughter of Kevin and Leslie Sluga, who have also pleaded guilty as part of plea deals, and the sister of Jennifer Crisp, whose husband, David, was the former CEO of the company.

David Crisp and Carl Cole, a principal with the business, are both serving time in federal prison for their roles in the mortgage fraud case, which prosecutors have said cost the mortgage industry at least $20 million in loans that were never repaid.

Jennifer Crisp received five years probation.

Stovall and Balod were the ninth and 10th Crisp & Cole defendants to be sentenced in the case. Five others await sentencing.

Sneha Ramesh Mohammadi will be sentenced July 14, Jerald Allen Teixeira and the Slugas, on July 28, and former operations manager Julie Dianne Farmer, on Aug. 25.

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