11/24/2014

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Another Crisp and Cole defendant pleads guilty

Another Crisp and Cole defendant pleads guilty

FRESNO, Calif. (KBAK/KBFX) — The plea deals continued Tuesday in the ongoing Crisp & Cole Associates real estate fraud case.

The U.S. Attorney's office in Fresno said a former loan officer for the now-defunct Bakersfield real estate firm entered his guilty plea to mail, bank and wire fraud. Jayson Costa admitted to Eyewitness News in 2008 that he had no license to do loans and claimed that company principals David Crisp and Carl Cole knew he had no license, yet allowed him to continue his work.

Former Bakersfield real estate moguls Cole and Crisp were accused of scamming millions of dollars out of banks and mortgage companies between 2004 and 2007. They allegedly submitted fraudulent loan applications with material misrepresentations.

With Costa's plea now entered in federal court, he's set for sentencing early next year.

Read Jayson Costa's plea document >>

The U.S. Attorney's office also on Tuesday released the plea document for defendant Michael Angelo Munoz, who was a licensed real estate agent at Crisp & Cole Associates. His hearing date, during which he'll plead guilty to the same fraud charges, hasn't been set.

Read Michael Angelo Munoz's plea document >>

Cole admitted guilt last week in court. Crisp is awaiting trial next year.

The case has 15 defendants, with Costa making the 10th to enter a guilty plea. Munoz will be the last defendant to plead guilty before the remaining four defendants go to trial.

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