Ex-Taylor Bean Treasurer Pleads Guilty To $2B Fraud

Law360, New York (February 24, 2011, 2:10 PM EST) -- The former treasurer of now-defunct Taylor Bean & Whitaker Mortgage Corp. pled guilty in a Virginia federal court Thursday to participating in a $2 billion fraud scheme, the same day that the U.S. Securities and Exchange Commission hit her with a civil suit.

In the U.S. District Court for the Eastern District of Virginia, Desiree Brown admitted to selling bogus mortgage loans and investments to Colonial Bank in an effort to prop up the failing TBW, according to the U.S. Department of Justice.

Brown, 45, of...
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