Carl Cole, Mortgage Fraud, California 2014

Carl Cole, Mortgage Fraud, California 2014

FRESNO, Calif. – In a brazen scheme that left a trail of destruction in its wake, Bakersfield residents Carlyle ‘Carl’ Lee Cole, 66, and his son Caleb Lee Cole, 37, were sentenced for their involvement in an extensive mortgage fraud scheme that ran from January 2004 to September 2007.

According to the sentencing order, Carl Cole was ordered to pay $28,516,887 in restitution to lenders, while Caleb Cole was ordered to pay $663,950 in restitution. Carl Cole was taken into custody after today’s hearing, while Caleb Cole was ordered to self-surrender to begin serving his sentence on April 21, 2014.

Carl Cole, a licensed real estate broker, and his son Caleb were convicted of carrying out a conspiracy to defraud mortgage companies and federally insured financial institutions. The scheme involved straw purchasers, false and fraudulent loan applications, and the reselling of properties at inflated prices.

Between January 2004 and September 2007, the defendants and others at Crisp & Cole Real Estate (CCRE) and Tower Lending carried out the conspiracy, causing losses of at least $29,884,498 to the defrauded lenders. Carl Cole admitted in his plea agreement that he and the co-conspirators caused these losses.

Caleb Cole acted as a straw buyer for CCRE and knowingly made material misstatements and omitted material information in loan applications he submitted to lenders to obtain funds to purchase several properties.

Carl Cole’s sentence of 17 years and 7 months in prison is a fitting punishment for the recklessness he showed in the mortgage industry during the mid-2000s. The sentence ensures that Carl Cole and his son Caleb will be punished for their egregious crimes.

Carl Cole, Mortgage Fraud, California 2014

Mandatory Facts:

Defendant/Respondent: Carlyle ‘Carl’ Lee Cole and Caleb Lee Cole

Criminal Charges: Conspiracy to commit mortgage fraud

City and State: Bakersfield, California

Date: April 21, 2014

Sentence: Carl Cole: 17 years and 7 months in prison; Caleb Cole: 6 months in prison followed by 21 months of electronic monitoring

Dollar Amounts: $28,516,887 (restitution to lenders) and $663,950 (restitution)

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