Gotta love a good Ponzi Scheme. Gotta love a good swindle. Gotta love a good snake oil salesman, promoted by the snake oil company (the NAR). And gotta love it when out of control bankers lend millions to a little shoe shine boy during the greatest financial mania in recorded human history. David Crisp was simply Casey Serin with a much bigger credit line.
And we all know how this one ends....
Here's what the monkey-run NAR had to say about David Crisp in 2005 in their glowing "30 under 30" feature:
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 of course, here's the report today, which is starting to read more like a police blotter:
On Sept. 10, the Department of Real Estate issued a complaint against Crisp, Cole and three employees, charging them with deceiving lenders to take out $12 million in home loans.
On Sept. 12, FBI and IRS agents searched 13 homes and offices related to the former Crisp & Cole Real Estate firm. Warrants were sealed, but a list belonging to a law enforcement officer listed bank records, appraisal documents and business and financial documents among items to be seized. San Joaquin Appraisals, owned by Kirk “Mark” Newton, was also searched.
As of the third week in September, Crisp, Cole, their companies, family members, employees and associates have defaulted on at least 94 properties. Payments are late on $58.76 million worth of home loans.
But don't forget the NAR's overarching message in this rags to riches to rags to orange jumpsuits story: BLING IS THE THING!!!