FRESNO, Calif. - The sentencing hearing for former Bakersfield real estate mogul Carl Cole and his son Caleb Cole was postponed.
Carlyle "Carl" Lee Cole, 66, and Caleb Lee Cole, 37, pleaded guilty in January to charges stemming from their involvement in an extensive mortgage fraud scheme that ran from January 2004 to September 2007.
Carl Cole faces a maximum penalty of 30 years in prison and a $1 million fine. Caleb Cole faces a maximum statutory penalty of 20 years in prison and a $250,000 fine.
The sentencing was originally scheduled for Tuesday, but it was postponed to Feb. 24.
According to the plea agreement, Carl Cole and his associate David Crisp carried out a conspiracy to defraud mortgage loan companies and federally-insured financial institutions, in part by using straw purchasers to acquire properties at inflated prices with funds borrowed from lenders based on false and fraudulent loan applications.
According to his plea agreement, Caleb Cole purchased real properties as a straw buyer for CCRE and knowingly made material misstatements and omitted material information in loan applications he submitted to lenders to obtain funds to purchase the properties.