The California Department of Real Estate wrapped up its six-day license hearing against Bakersfield Realtors David Crisp and Carl Cole alleging mortgage fraud.

And it ended with testimony from one of the accused--Carl Cole. Cole was the designated broker of the now-defunct Crisp & Cole Realty Company. As such, he was legally responsible for the company's operations.

Cole testified he was busy making infomercials with the company's production company and then working 40 to 60 hours a week on the Towers project with Cal State Bakersfield that he had no time to supervise his subordinates.

"Let me quote Jesus, let he who is without sin cast the first stone," said Cole to reporters after the hearing.

The state claims Crisp & Cole lied to lenders by submitting fraudulent documents to obtain millions of dollars in loans. Cole admitted he himself bought one home and signed a document under penalty of perjury that he would use the home as his primary residence in order to obtain a favorable loan rate.

Cole admitted he signed the document but that he was going to sell the home for a profit and not live there.

"Why would you sign a statement that was in big bold letters under penalty of perjury if you did not intend to live there?" asked the state's lawyer, Michael Rich.

"I don't know," answered Cole. Speaking to reporters after the hearing, Cole said he feels betrayed by his ex-partner David Crisp for the way many things were being done at the company.

"I felt frustrated," said Cole and left the company. Cole also admitted
to hiring an unlicensed mortgage broker, Jayson Costa to process, solicit and handle loans for the company.

David Crisp was called to testify by the state but refused, citing his 5th Amendment right against self-incrimination.

The case will now be reviewed and taken under submission by administrative law judge Humeberto Flores. The judge has up to 30 days to make a recommendation what if any, penalty should be imposed against David Crisp and Carl Cole. The maximum penalty would be revocation of their Real Estate licenses.