Taylor Bean Ex-Honcho Owes Insurer $1M, 4th Circ. Rules

Law360, New York (April 12, 2013, 4:24 PM EDT) -- The Fourth Circuit on Thursday affirmed a lower court’s decision that the convicted ex-chairman of bankrupt lender Taylor Bean & Whitaker Mortgage Corp. will have to give back the nearly $1 million his insurance company laid out for his criminal defense for securities fraud.

Lee Bentley Farkas, who was convicted in April 2011 on 14 counts of fraud and conspiracy for running a nearly $3 billion bank and securities swindle, is now on the hook for $929,000 owed to National Union Fire Insurance Co. of Pittsburgh,...
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