Former Colonial Bank Exec Pleads Guilty To $2B Fraud

Law360, New York (March 2, 2011, 2:09 PM EST) -- A former executive of now-defunct Colonial Bank pled guilty in a Virginia federal court Wednesday to participating in a $2 billion fraud scheme, the same day that the U.S. Securities and Exchange Commission hit her with a civil suit.

In the U.S. District Court for the Eastern District of Virginia, Catherine Kissick admitted to hiding Taylor, Bean & Whitaker Mortgage Corp. overdrafts and purchasing bogus TBW loans and investments on behalf of Colonial Bank, becoming the second defendant indicted in the scheme to take a plea...
To view the full article, register now.