A high-profile Bakersfield real estate agent will not lose his real estate license as scheduled on Oct. 15 after being granted a 30 day stay by the state.

The California Department of Real Estate ruled Sept. 26 that partners David Crisp and Carl Cole would lose their licenses because they "engaged in deceitful practices and substantial misrepresentations in the transactions they engaged in," according to department spokesman Tom Pool.

State regulators in 2007 accused Crisp and Cole of lying to lenders to obtain millions of dollars in loans, engaging in fraud and dishonest dealings and disregarding real estate law.

The FBI is also investigating the duo for mortgage fraud, though no criminal charges have been filed against either man.

Cole was granted the stay because he intends to file a petition seeking a reversal of the revocation order from California Real Estate Commissioner Jeff Davi, according to Pool, who said stays are routinely granted in such a situation.

It's unknown if Crisp plans to file a petition as well.