11/24/2014

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Defendant in Crisp and Cole real estate fraud case gets 78 months in prison

Defendant in Crisp and Cole real estate fraud case gets 78 months in prison
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FRESNO, Calif. (KBAK/KBFX) — One of 15 defendants in the long-running Crisp & Cole Real Estate fraud case was sentenced Monday to 78 months in prison.

Jayson Peter Costa, 41, was ordered to self-surrender by May 5, according to the U.S. Attorney's Office in Fresno.

Former Bakersfield real estate moguls David Crisp and Carl Cole scammed millions of dollars out of banks and mortgage companies between 2004 and 2007. They submitted fraudulent loan applications with material misrepresentations.

Costa worked as a loan officer with Crisp & Cole Associates. He also admitted in an interview with Eyewitness News that he had no license to do loans and claimed that Crisp and Cole knew he had no license, yet allowed him to continue to work.

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