Ex-Taylor Bean CEO Gets 3 Years For Fraud

Law360, New York (June 21, 2011, 6:01 PM EDT) -- Former Taylor Bean & Whitaker Mortgage Corp. CEO Paul R. Allen was sentenced Tuesday in Virginia to more than three years in prison for allegedly helping to orchestrate a $3 billion bank and securities fraud at the mortgage company.

Allen had pled guilty April 1 to one count of conspiracy to commit bank, wire and securities fraud and one count of making false statements to investigators in connection with the scheme, which has already brought down ex-Taylor Bean Chairman Lee Bentley Farkas.

The fraud also led...
To view the full article, register now.