When we first noted the busboy-turned-jetsetting-real-estate-hotshot back in 2007, we called Crisp "Casey Serin South."
But as the story unfolded, it became clear that this was more than just another young speculator who bought a half dozen houses for himself. It turned out that Crisp was the ringleader of a huge house-flipping ring where he, his employees, and their family members would sell houses to each other and straw buyers at rapidly escalating prices, using their other fake transactions as comps to make the appraisals pass at ridiculous prices.
Our earlier coverage:
7/4/2007: Apparent massive Bakersfield mortgage fraud
7/21/2007: Rent-to-owners got scammed
8/28/2007: Crisp sold a house without paying off a $149,000 line of credit on it
9/7/2007: His & Hers foreclosures
9/30/2007: Crisp family and associates have defaulted on $59 million of loans on 94 properties
12/8/2007: No bids on Crisp mansion, state files tax lien against Crisp and wifey
9/27/2008: More than a year after massive fraud ring revealed, state revokes Crisp's real estate license
... and then for more than two years, nothing. Finally, Friday, several members of the Crisp gang were arrested. It's about time. But even worse than the three-year delay on this open and shut case is the fact that DOJ is still going after broke, friendless little punks like David Crisp instead of the big crooks: Mozilo, Fuld, Thain, Lewis, and Paulson. But then what did we expect? The Ruling Class protects its own.
P.S. You think Crisp squirreled away some cash or gold overseas somewhere during those years when he was rolling around in millions of dollars from stupid banks? Nah. If he had, he'd be on a tropical island right now. I shouldn't have to state the obvious, but next time get some cash and gold hidden away before you get caught!
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Inflation is progressive utopians encountering resource constraints for the first time.