Sounds like they were laundering money. If so, that's a federal felony charge, along with an IRS investigation.

crisp needs to go to prison, he has ruind countless lives all for him to be in the limelight of bakersfield business. in my opinion hes getting EXACTLY what he deserves, and the majority of his "associates" need to go right along side of him

Of course (money laudering, etc.) was involved

Thats why I said before, wait until its not just the DRE

This Licensing-DRE work is just laying the foundation for what is to come

This will all make the FBI's, etc. case much easier

A few years back, the Commission on White Collar Crime in CA came out with a  "white paper" (haha) on money laudnering in CA.

The primary modalities at the time were:

Car Dealerships

Real Estate

Advertising (especially TV)

Figure it out

I suspect eBay is high on that list too.

It would be now

This is going to get very interesting. My feeling is the number of people involved is all this is going to be bigger than any of us imagined. I can't help but wonder who the car dealer was that was down there yesterday, maybe the day before. Hm? I can already hear the sound of the jail doors slamming already. Greed is a bad,bad thing! 

CA Firm Fined $25M for Money Laundering

Largest DOJ fine – $25M – to a money transmitter could hit California company for violating anti-money laundering rules


JANUARY 11, 2008 | NEW YORK –– Minutes ago, Fortent Inform and moneylaundering.com broke the news that what would be the largest fine ever against a “money services business,” or money transmitter, will be paid to the Department of Justice by a California company. California money transmitter Sigue Corp. will pay the U.S. DOJ as much as a record-breaking $25 million to settle charges it violated anti-money laundering rules in its handling of remittances to Mexico, they reported. 

(Of course the article failed to mention Costa Rica)

I didn't know money laundering was a crime.  I guess I better flush the $20 bill I found in the washing machine this morning.

Remember former Crisp employee Jason Costa? (of course his arrest by FBI was totally unrelated to Crisp invetigation)

From the Californian:

"Costa, talking on a cell phone Friday morning while driving from Bakersfield back to Los Angeles, said he was set free early Thursday.

On Sept. 14, Los Angeles police arrested Costa at the Los Angeles International Airport after he got off a plane from Costa Rica, Costa said.

A Clark County courts official confirmed Costa was wanted on an insufficient funds/checks charge. The case was dismissed on Sept. 19 and Costa was ordered to attend bad check school and pay restitution.

FBI officials say the arrest was not related to federal searches Sept. 12 of 13 Bakersfield sites related to Cole and Crisp’s operations.

Costa’s real estate license was suspended indefinitely in April by state regulators after he allegedly worked on some 50 loans without a proper license during his tenure at Cole and Crisp’s Tower Lending company.

Costa said he is currently working in Los Angeles developing condos and apartments.

“I’m getting out of the whole mortgage game,” Costa said. “There’s no money in it right now.”

The irony is so rich in this it is just hard to believe. Costa in Costa Rica (Rich Coast). FBI after him for NSF checks? Ha! You couldn't make this stuff up if you tried!

Chico

Is the auto dealer J A?????

Bingo!

Be careful!

Remember $1.8 Billion LOI pursuant to $1.8 billion LOC from these guys (one guy really) Crisp supposedly secured?

Neuflithz Wisenthall & Schlumberger ? (for CSUB Towers)

Once this DRE proceeding is over, this will get much better. Trust me.

Just have to be patient.

The (FBI)  "wheels of justice" turn slowly..................

Be careful of what or who??

I heard JA used to change tires in a car lot down south then suddenly owns a dealership.  Is this true?  If so, what was hidden in the tires.  Of the track I know but I always wondered.

It wasn't what was in the tires

It was who was riding on some of them

And what they wanted done

spill the beans already chico!

I need to ask why these morons are even doing this. They are exposing themselves for the DOJ and IRS to tear them apart. Why not just give up your license? They are trying to win a losing battle, just to get killed in the war. This is a bad strategy, who is advising these guys?

Remember David was his own atty for awhile. So you know what his client was.

You are correct Bubble, hubris is rearing its head again. These two fools actually think they can keep their licenses.

This entire process is but a precursor to much bigger and better things (for those of us who think these guys should pay the fiddler having danced all over our economy)

I would bet there is someone from the DOJ in the hearing or at least visting these blog postings gathering information (when I had my blog I noticed the DOJ visited numerous times),

Wish you still had your blog

Was one of my favorites.

(we didn't fight politics therein -- just RE and related C&C matters -- haha!)

From TV it appears pretty empty in that room, but you can bet DOJ and FBI are paying attention.

The testimony so far will be rich with information about loan fraud patterns. If you look at all the straw buyers, stand alone 2nd's, inflated appraisals to cover the diff between old and new SP, alleged forgeries, falsified docs, LLC's, etc. that have even come to light so far, this is a target rich environment for the Feds and State.

Like building a house, what we are seeing now is just the foundation. By the time we get to the elevation or even the amenities, we'll be looking at a house it would take an Indian Dr. to afford around here  ;-)

spill the beans already chico!

Beans? Are you being ethnic again?  ;-)

A+++ WOULD READ KICK-ASS COMMENT AGAIN

Bubble you still do have a blog! I'm sure I'm not the only one who wishes you'd post more.

I can't help but think of how much this hearing will cost state taxpayers. I'll try to get a figure when it's over. You have: Judge and court reporter from LA, state's attorney and deputy real estate commissioner from Sacramento, coming here every day.

You have seen the photos of boxes of evidence...and that is just what the state's attorney brought to the hearing.

He told me he has been working weekends and nights the past 3 weeks getting ready for this (probably much more..that was just getting ready for hearing, as they probably hoped everyone would settle outside such a setting).

And they're only dealing with evidence involving 13 properties. Our in-house spreadsheet has 130-plus properties at this point, but I'm sure there are more. We only include ones we can confirm through public documents, which are just a tiny slice of the paper trail.

-- Gretchen

Chico, if the "JA" is the one I'm thinking of, I've certainly heard "stories" about him. And his (financial) backing. If memory serves, car dealerships were a nice front for certain people (and their monetary movements) in Miami in the '80s.
 

Do you think there's a connection between JA and Crisp other than them both using the same CPA? I thought Crisp's backers were from Vegas (as reported in the paper), not further South.

Mattloch -- Years ago I utilized the services of the same CPA as Hollis Roberts and C. Arnholt Smith.  Of course thtat doesn't mean that I engaged in the same type activities they did.

I happen to know some people who just happen to be friends of  three  of the people mentioned herein (JA, DC, KS) and they seem to at least think there is a connection. The common denominator, of course, would be money. Prodigious amounts of it.

And to answer your question from another thread, DC had several fancy autos at one time including the SLK, A Range Rover, A Beemer, etc. Not sure what he is sporting around now, but I'll ask. Gretchen oughta know that though..........

And yes, the  C&C Jet made many trips to Lost Wages, thus the mention of DC's oft-mentioned (by him) mentor, Steve Wynn. 

In the other thread, she mentions a "new style" VW Beatle in the driveway of the house Crisp is staying at, Chico.

I heard somewhere that Cole had a VeeDub of some sort now too though

Maybe he was just visiting (parked in driveway)

Wonder who sells veedubs in the area now BTW...................

Does it irritate anyone else to see Cole smiling like a cheshire cat when camera pans over to him?

I'd wanna just dig a hole and pull it in after me........

Seriously though, people should be paying more attention down there to what Gretchen is reporting on this.

These hearings are but a precursor to bigger things to come (much bigger)

Things that can have a significant affect on your RE market and how it operates in the future.

And, even when all is adjudicated in this matter, it will behoove citizens to continue to  "follow the money".......

It won't be over even post adjudication I expect.

Remember, it was all done for the lucre in the first place, and self same wampum will rear its (in this case) ugly head once again........