REALTOR® Magazine-Daily News-California Bans Practitioner Accused of Fraud

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Daily Real Estate News | November 24, 2009 | California Bans Practitioner Accused of Fraud
California real estate practitioner David M. Crisp has been barred from employment in the real estate business for three years by the California Department of Real Estate.

The order also prohibits Crisp from participating in the real estate-related activities of a lender, bank, escrow, or title company.

The state revoked Crisp’s real estate license a year ago after he was found guilty of providing false and misleading information to lenders that persuaded the lenders to make 23 mortgage loans totaling about $11 million. All the loans went into default.

“The actions of David Crisp epitomized the rampant greed that contributed to the market collapse and he should not be allowed to work in any capacity related to finance or real estate. This BAR Order does just that,” California Real Estate Commissioner Jeff Davi said.

California has always been able to revoke licenses, but it has only been able to prevent an offender from working in the field for the last year. "It's really targeted toward the most egregious offenders, and David Crisp would qualify," said Department of Real Estate spokesman Tom Pool.

Source: California Department of Real Estate (11/23/2009)