State yanks licenses from Crisp and Cole
Once powerful real estate agents David Crisp and Carl Cole will lose their licenses.
The decision was issued Friday by the California Department of Real Estate after an extensive administrative hearing in July and August.
"David Crisp and Carl Cole engaged in deceitful practices and substantial misrepresentations in the transactions they engaged in," department spokesman Tom Poole said .
Cole's attorney, Glenn Kottcamp, said he disagreed with the decision, and Cole said he plans to appeal.
"We were disappointed in the decision," Kottcamp said. "Action other than out-and-out revocation or suspension could've been taken on the facts of this case."
Crisp did not return phone calls for comment, and no one answered the door at his home.
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 revocation of their real estate licenses is slated to occur Oct. 15.
The FBI is also investigating the duo for mortgage fraud. The FBI and Internal Revenue Service searched 13 Crisp and Cole properties last year.
No criminal charges have been filed against either man.
The decision was issued Friday by the California Department of Real Estate after an extensive administrative hearing in July and August.
"David Crisp and Carl Cole engaged in deceitful practices and substantial misrepresentations in the transactions they engaged in," department spokesman Tom Poole said .
Cole's attorney, Glenn Kottcamp, said he disagreed with the decision, and Cole said he plans to appeal.
"We were disappointed in the decision," Kottcamp said. "Action other than out-and-out revocation or suspension could've been taken on the facts of this case."
Crisp did not return phone calls for comment, and no one answered the door at his home.
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 revocation of their real estate licenses is slated to occur Oct. 15.
The FBI is also investigating the duo for mortgage fraud. The FBI and Internal Revenue Service searched 13 Crisp and Cole properties last year.
No criminal charges have been filed against either man.
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