Is Little Boy David Crisp the new Charles Ponzi? Crisp & Cole now tied to 94 properties in default and $59 million in mortgage loans gone kaput

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!!!

HP follow-up.... Nice to see the FBI raid on little boy David Crisp and Crisp & Cole

Bakersfield Bubble has been all over this story from the start. The little shoe-shine boy who got banks to loan him millions, then allegedly committed mortgage fraud all over California.

(Anyone remember ZZZZbest and Barry Minkow? Got some deja-vu)

Little boy Crisp was the American Dream (and crash), on a much bigger scale than Casey Serin. I really liked the articles that fawned all over the kid for his expensive suits and private jets. But of course, it was done on debt, you fricking MSM idiots. And when the Ponzi Scheme ended, fruitcake pretend businessmen like this are the first to fry.

From waiter to flashy real estate developer to Convict #275820

Here's how he was described by the clueless Realtor.org idiots in 2005:

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 here's how David Crisp is being written about today:


Crisp & Cole's businesses & homes raided by FBI

The FBI is saying little about the raids at the homes and businesses of the once prominent real estate duo Crisp & Cole.

Today's raids come as the California Department of Real Estate has a number of serious accusations against the once, high profile Bakersfield real estate team, Crisp & Cole. The DRE says it was an investigation, quote, "several months" in the making. The realtors could have their licenses suspended or even revoked.

The rise and fall of David Crisp - a little boy who got hold of a lot of debt and then proceeded to blow it

Here's the latest on little boy David Crisp, who can no longer make the payment on his own house.

From waiter to big-spending jetsetter real estate developer, and then back to waiter...

Ah, the American Dream

Thanks WC for the tip