5th Exec To Plead Guilty Over $2B Taylor Bean Fraud

Law360, New York (March 30, 2011, 6:04 PM EDT) -- Another former official of Taylor Bean & Whitaker Mortgage Corp. agreed Wednesday to plead guilty in Virginia for his role in a $2 billion scheme that took down the mortgage lender and Colonial Bank.

Sean William Ragland is scheduled to appear in the U.S. District Court for the Eastern District of Virginia on Thursday afternoon to plead guilty to a charge of conspiracy to commit bank and wire fraud.

Ragland is the fifth person to admit to participating in the scheme targeting the federal Troubled Asset...
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