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C&C: Blamefest
David Crisp is now cross-examining Dawn Trahey from SunTrust (again with help from judge and others). He refers to himself as Mr. Crisp. So far we have Cole's strategy: Blame Crisp. Crisp's strategy seems to be: blame the lenders. He is asking Trahey about SunTrust's loan programs, including no-income/no-asset and no-ratio loans. Brokers were out in the field marketing these loans, they agree. Crisp: Pretty risky loan, don't you think? he asks her about a no-ratio loan (which considers only credit score and assets, not income). He says something, mostly inaudible, about SunTrust marketing reps coming to his house to give him and his wife these loans, not knowing anything about what was on his tax returns... He also brings up the issue of commisions; did SunTrust consider large commissions abnnormal? Yes, Trahey replies. They get to the commission to Crisp & Cole for the New Quay mansion, $51,000. Is it a large commission? Yes, she says. Even back in the footloose lending days of 2006, she says, "we were told to watch for large commissions." Now we're moving on again... 11 comments from 10 users
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posted by
nooneisabovethelaw
on Jul 29, 2008 at 03:45 PM
Crisp knew the rules of the game and he broke 'em. Now he's trying to blame everybody else 'cause he didn't wanna follow the rules. Typical. posted by
TSM
on Jul 29, 2008 at 03:51 PM
From the way it sounds like the judge has been assisting Crisp, it doesn't sound like he will be impartial. Gretchen, what is your feeling about that?
posted by
sagefever
on Jul 29, 2008 at 04:05 PM
This has been quite informative,Thanks Gretchen. posted by
JeffHarbin
on Jul 29, 2008 at 04:07 PM
This may be the first time in history when all three parties are correct in their contentions: The Govt. Blames Crisp and Cole; Cole Blames Crisp; Crisp Blames the Lenders. True, true and true. Sadly, the lenders will only be forced into bankruptcy for their part in this fiasco, instead of facing (quasi) penal sanctions. posted by
MoneyTalks
on Jul 29, 2008 at 04:21 PM
TSM- Good question-
It doesn't come across as favoritism, at least to me. Seems more like the judge's style. He seems patient, yet still objective.
Most of the questioning during the day is still coming from the state's attorney. He hasn't made any objections to the judge's directions to Crisp (such as telling Crisp to let people answer questions before he asks another, and to break down his questions so answers come in small bits, etc). The state's attorney seems competent and possessed enough that he would say something if he perceived it as a problem. I imagine both the state and the judge want Crisp to be able to make his point so he gets a fair hearing.
I will certainly make mention of any changes in tone if I notice them down the line...
We have finished for the day; the next witness is gone. We meet again at 9:30 am
posted by
gcrab605
on Jul 29, 2008 at 06:51 PM
I read in the paper this morning that Mr. Cole said that he was unaware of the business that was being conducted under his broker's license. This is the biggest lie to date.
If that is the case, then how does he explain 9513 Durand Oak which he purchased for $620,000 on 1/31/2006 with 100% financing through Stearns Lending and then his brokerage dba Points West Group resold the property as a "short sale" for $405,000 on 6/15/07. The appraiser of record on the original sale was Janet Vasquez of VIP Appraisals in Santa Paula. Loss = $215,000. I wonder if he declared this as income on last years tax return.
Or 5208 Glacier Canyon which he bought from Tu Crisp on 1/6/06 for $556,500 with 100% financing through Sun Trust Mortgage, then sold as a REO on 5/27/08 for $235,000. Loss = $321,500.
Or 12212 Great Country which he bought from his own company (Crisp Cole and Associates) on 1/13/06 for $455,000 with 100% financing through Sun Trust Mortgage, then sold as an REO on 1/30/08 for $250,000. Loss = $205,000.
posted by
bakonative
on Jul 29, 2008 at 10:54 PM
gcrab605, thanks for your post. You know a lot. I personally hope both Crisp and Cole get fed to the sharks after this. I am also surprised Crisp is representing himself, what do you think about that? posted by
SUMSTE
on Jul 30, 2008 at 07:42 AM
How in the world are these two con-men walking the streets. There are inmates in our prisons who have done far less than these two. posted by
SUMSTE
on Jul 30, 2008 at 07:45 AM
Why are they not in jail. posted by
ChicoEsquela
on Jul 30, 2008 at 10:08 AM
The Judge may appear to be assisting Crisp. What is really happening is they are going after the broker over the agent. It is the responsibility of the broker to oversee the transactions of his or her agents and make sure they are correct. While the agent has fiduciary responsibility for his or her transactions vis-a-vis the client, etc., the broker has ultimate responsibility for all the elements of the transactions under his or her purview. While there is plenty of blame to go around (from straw buyers, lenders, agents, loan officers, brokers to even consulting CPA's (LLC's set up, etc.), this hearing is relevant to the licensing of C&C and Cole was the broker. He is the big fish in this particular proceeding. Wait until later for the pendulum to swing more toward David (Criminal and civil proceedings replete with FBI files, etc.)...... posted by
jramsey
on Jul 30, 2008 at 01:27 PM
Why are these people not in jail??? Why is the DA's office so incompetent in white collar crime????? Crisp, Cole and Mr. and Mrs Don Juhasz should all be in jail. The wheels of justice can't turn that slowly can they?
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