Ex-Taylor Bean Execs Sentenced For $2.9B Fraud

Law360, New York (June 10, 2011, 5:07 PM EDT) -- A Virginia federal judge on Friday sentenced Taylor Bean & Whitaker Mortgage Corp.'s former treasurer and president to six years and 2 1/2 years in prison, respectively, marking the first two sentences to come out of the $2.9 billion fraud that brought down the mortgage lender.

Desiree Brown, the ex-treasurer, and Raymond Bowman, the former president, both pled guilty to conspiracy charges earlier this year for their purported roles in the massive bank scheme.

The fraud, which cheated banks of $2.9 billion and tried to cheat...
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