Feds Want Book Thrown At Ex-Taylor Bean Chairman

Law360, New York (June 24, 2011, 6:31 PM EDT) -- Federal prosecutors told a Virginia federal court Thursday that the former chairman of defunct lender Taylor Bean & Whitaker Mortgage Corp. should spend the rest of his life in prison after being convicted of orchestrating a $2.9 billion bank and securities fraud.

Prosecutors claim that Lee Bentley Farkas deserves the applicable sentencing guidelines' maximum prison term of 385 years, given his conviction in April on 14 counts of conspiracy and fraud for masterminding a multiphase scheme of "staggering proportions" that ended in the downfalls of the...
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