BAKERSFIELD, Calif. -- The real estate licenses of David Crisp and Carl Cole have been revoked.

That order, by Administrative Law Judge Humberto Flores, was issued Friday morning, ABC23 reported.

The decision comes seven weeks after administrative hearings ended in Bakersfield.

The two men were accused of falsifying loan information for 13 properties and of misleading lenders in order to get more than $12 million worth of loans.

In September, the FBI raided several homes and businesses belonging to Crisp and Cole in Bakersfield.

The California Department of Real Estate filed 11 causes of action against Crisp, Cole, Jill Pinheiro, Sneha Mohammadi and Robinson Nguyen, as well as Crisp and Cole and Associates and Tower Lending.

Cole testified that he was preoccupied with the completion of the Cal State Bakersfield Towers project and admitted to wrongfully signing one document and being negligent when he hired an unlicensed broker.

Since Cole admitted liability in that instance, his attorney asked the judge for leniency.

However, prosecutors with the Department of Real Estate said Cole let his business partner Crisp "run amok," and called Cole a "failure as a broker."

Crisp chose not to take the stand, due in part to an impending FBI investigation.

The license revocation is expected to take effect on Oct. 15. The men can appeal the judge's decision until that time.