US Wants Ex-Taylor Bean Execs To Pay $3.5B Restitution

Law360, New York (August 3, 2011, 5:31 PM EDT) -- The U.S. on Wednesday recommended $3.5 billion in restitution in Virginia federal court for seven former Taylor Bean & Whitaker Mortgage Corp. executives convicted of taking part in a massive bank and securities fraud.

Prosecutors requested that the former executives, sentenced in June for their alleged participation in a fake mortgage scheme, pay the restitution jointly and severally to shareholders, a group of banks and the Federal Deposit Insurance Corp., which were all affected by the scheme to sell fake mortgage loan assets and cover up...
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