Ex-Taylor Bean Chair Gets 30 Years In $3B Fraud Case

Law360, New York (June 30, 2011, 1:21 PM EDT) -- Former Taylor Bean & Whitaker Mortgage Corp. Chairman Lee Bentley Farkas was sentenced Thursday in Virginia to 30 years in prison for orchestrating a $2.9 billion bank and securities fraud that brought down the once-mammoth private mortgage lender.

U.S. District Judge Leonie M. Brinkema's sentencing order carried double the 15-year maximum prison term Farkas, 58, had argued for in a brief last week, but fell well short of the 385-year sentence prosecutors said he deserved given his conviction on 14 counts of conspiracy and wire, bank...
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