Guilty pleas from 10 of 15 defendants in huge Bakersfield mortgage fraud case

Former Bakersfield, Calif., real estate broker Carl Cole will serve at least eight years in prison and forfeit $30 million in assets as part of a plea bargain in a long-running mortgage fraud case, reports.

David Crisp, Cole’s partner in Crisp & Cole Real Estate, is among five defendants who are scheduled to go to trial next year for their alleged participation in a mortgage fraud ring that operated from 2004 to 2007.

Of the 15 defendants in the case, six have entered guilty pleas, including real estate agent Robinson Dinh Nguyen. Four more defendants were expected to enter pleas this week, including Cole, his son Caleb Lee Cole, and Crisp & Cole’s former CFO, Sneha Ramesh Mohammadi. Source: