Law360, New York (August 05, 2011, 3:18 PM ET) -- The former chairman of Taylor Bean & Whitaker Mortgage Corp., who was convicted of orchestrating a $2.9 billion bank and securities fraud, asked a Virginia federal court Thursday to reject the government's demand that he pay $3.5 billion in restitution.
Lee Bentley Farkas, 58, called the restitution request exorbitant and unrealistic given his age and his 30-year prison sentence. Though he opposes paying any restitution, he argued that should the court order such a payment, the burden should be shared among his fellow defendants.
"In light...
Ex-Taylor Bean Chair Balks At $3.5B In Restitution
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