Saturday, Jan 19, 2008
More from the Bakersfield Flipper Saga
Bakersfield.com: Federal agents raid Crisp and Cole homes and businesses
FBI agents this morning searched Bakersfield entrepreneur David Crisp’s real estate office on Stockdale Highway and his Seven Oaks home, as well as the homes and offices of several of his business associates and family members, an agency spokesman confirmed. The searches of 13 businesses and residences were carried out in coordination with the IRS, the Bakersfield Police Department, the Kern County Sheriff’s office and the state Department of Real Estate. They follow state regulators’ release Tuesday of a 25-page report accusing Crisp, 28, and his former business partner, Carl Cole, 60, of deceiving lenders, falsifying information and paying employees to take out loans.
Posted by lvmreader @ 10:01 PM (691 views) Add Comment
7 Comments
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1. lvmreader said...
2. lvmreader said...
Waiter - Real Estate Mogul - Convict -> in just 2 years
HP'ers are likely familiar with the story of little boy David Crisp, who went from waiter to Bakersfield real estate mogul in a matter of months, with plenty of flash, smoke and mirrors. In 2005, even the NAR was pumping the kid (he's 25), with this description:
David M. Crisp 25 president, Crisp & Cole Real Estate, Bakersfield, Calif
In four years, Crisp has gone from waiting tables to being president of his own real estate company, which he launched this year. He’s also opened his own loan company and production outfit, which creates the 30-minute television shows he uses to promote his listings.
Bling is the thing: Crisp insists that his salespeople wear professional attire and be well-groomed. He buys luxury automobiles for his salespeople and has flown clients in private jets to view properties. “Image is key in this market,” he says. “Clients want to feel important and be with a real estate professional who’s successful.”
And then there was this write-up (why do I feel like I'm watching a scene from Boiler Room?):
Agents at Crisp & Cole Real Estate sport Armani, Gucci and Louis Vuitton. They drive Benzes and Beamers. The partners lease a jet to whisk clients, agents and associates to meetings in Las Vegas.
It all started five years ago when Crisp was waiting tables at On the Border and Cole was a salesman for Kyle Carter Real Estate. Cole was trying to sell a house to Crisp’s mother but had to deal with her fearless teenaged kid who kept injecting himself in the negotiations.
“I couldn’t believe the brass on this boy. I went home and told my wife I’d met this punk kid who was going places,” he recalls. Then one day Cole discovered the kid working beside him at the agency. Testosterone, hunger, aggression and flash – this boy had ’em all in abundance. Cole was both amused and aghast.
“He went out and borrowed the money to buy a Corvette. He bought designer suits. He went on vacation in Tahiti,” Cole recalls. “And this was before he’d sold one home!”
3. wiltshire said...
The FBI, the IRS, Police Departments and The State Department of Real Estate are all going to be kept very very busy over the coming years.
4. lvmreader said...
@wiltshire
Amen!
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