I found this story off a comment on Lou Minatti's blog. It was posted by "Casey Serin: Homosexual Con Artist" who has previously posted on this blog.
Two years after a highly visible raid by federal agents investigating Crisp, Cole & Associates, a key former employee pleaded guilty Monday to taking part in mortgage fraud and agreed to cooperate with prosecutors.
Jerald Allen Teixeira's plea agreement is the first criminal proceeding in a federal investigation into borrowing and investment activity at the once high-flying company. In September 2007, FBI and IRS agents raided 13 local sites looking for evidence of criminal wrongdoing at the now-defunct Bakersfield real estate firm.
Teixeira, 29, worked as a loan officer at Crisp & Cole's lending arm between October 2005 and January 2007. In Fresno federal court Monday he admitted to committing wire fraud on the job and now faces up to 20 years in prison and a fine of up to $250,000 at his sentencing, set for March 22.
In addition, Mr. Teixeria did something that is fairly close to what Casey Serin did to acquire his properties:
Teixeira himself purchased 11 properties with a total value of $4.4 million between October 2004 and December 2006, the document shows. In order to buy them, it says, he lied or left out important information about his income and his debt from other purchases.
With all of the other illegal activities going on at Crisp and Cole, this portion of the article was mentioned as an afterthought. Similar timeframe and similar number of properties as Casey, although these properties appear to be worth almost double what Casey paid for his properties.
P.S.: Lou Minatti seems like a good guy and he has posted many times over the years about Casey Serin. Shortly after Casey's pirate party in the park, he decided not to write about Casey anymore. I can see how the sight of Casey in an ugly gay pirate outfit could drive anyone over the edge.
Subscribe to:
Post Comments (Atom)
Note that Teixeira was charged 5 years after the fact, with crimes committed roughly one year *before* Casey's crime spree. There is likely a deluge of mortgage fraud cases coming across the California FBI's desk. So even though some think he'll never be charged, I don't think he's totally out of the woods.
ReplyDeleteHis was not some one-off lie -- it was a calculated plan to extract as much fraudulent cash as possible, very similar to Teixeira's, except for "only" $3 million instead of $4.4 million. The fact that it took place over 4 states should presumably make it more attractive for federal authorities to prosecute. Remember too that Casey stopped at eight houses only because a lender with more than two brain cells figured out his scheme and denied him another mortgage.
This guy faces upwards of 20 years, plus fines and restitution. That should worry Casey Serin. A lot.
I agree, Casey should be worried until the statute of limitations expires (how long is that?). While it's not impossible that Casey will be charged, I still think it's unlikely. The difference between him and Teixeira is the latter was a loan officer who agreed to testify against his employer in exchange for a lenient sentence. I suspect he would never have been charged if the feds weren't going after bigger fish. All it takes is one or two people who've been lied to by some mortgage company to feel sympathy for Casey and you've got a hung jury; the feds know that.
ReplyDeleteThe statute of limitations of mortgage fraud is now 10 years since the Fraud Enforcement and Recovery Act of 2009 was signed by Obama. I don't know if that extends it from the previous 5 years in Casey's case or not (I don't know if SoL can be made to apply to prior criminal activity).
ReplyDelete