Appraiser connected to Crisp & Cole gives up license
| Monday, Aug 17 2009 08:46 PM
Last Updated Monday, Aug 17 2009 08:56 PM
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11219 Draper Court
A Bakersfield appraiser has surrendered his appraisal license after admitting numerous violations, including inflating the value of a home purchased by Jennifer Crisp, wife of David Crisp of Crisp, Cole & Associates.
Gary L. Killian gave up his license effective June 30 after admitting "errors and omissions" in violation of the Uniform Standards of Professional Appraisal Practice, according to the state Office of Real Estate Appraisers.
Killian failed to analyze and report recent sale prices on the property at 11219 Draper Court, the state said, and based his valuation on comparables of homes with golf course fairway views even though the house was on an interior lot. He also didn't "identify and perform the appropriate scope of work necessary in order to competently complete" the assignment, the state said.
Killian was issued a real estate appraiser license in 2005. He can no longer work as an appraiser in the state of California, and his admissions will be taken into consideration should he apply for a license again in the future, according to the state's decision and order.
If Killian is ever granted another license, he would have to pay the $2,000 cost of the state's investigation and enforcement efforts to claim it.
Killian did not return telephone calls Monday seeking comment.
In fall 2007, FBI and IRS agents raided 13 local Crisp & Cole-related sites. No charges have resulted.
The California Department of Real Estate revoked the licenses of David Crisp and partner Carl Cole last year after finding them guilty of fraud and dishonest dealings, among other charges.
Their now defunct firm also was sued by the former Fremont Investment & Loan -- now Fremont Reorganization Corp. -- which said fake employment information and fudged appraisals were submitted with seven loan applications it funded in 2005 and 2006.
Killian was named in that lawsuit.
A person at the last known telephone number for David Crisp picked up the phone Monday but hung up without speaking.
In 2006, Jennifer Crisp took out a $1 million first mortgage on the Draper Court house from Suntrust Mortgage Inc., and a second loan against the home for $295,000, according to information from First American Real Estate Solutions, a Santa Ana-based company that tracks property records nationwide.
In her loan application, Jennifer Crisp was falsely said to be working as chief operating officer at her father's business.
The house was foreclosed on in February 2008 and sold in June that year for $510,000, according to property records.
Jennifer Crisp's mortgage on the Draper Court house was among millions of dollars in troubled loans connected to Crisp & Cole and its associates.
