Ex-Taylor Bean Prez Pleads Guilty In $2B Fraud Case

Law360, New York (March 14, 2011, 5:34 PM EDT) -- The former president of bankrupt Taylor Bean & Whitaker Mortgage Corp. pled guilty Monday in a Virginia federal court to his role in a $2 billion fraud that caused the downfall of Taylor Bean and Colonial Bank.

Raymond Bowman was charged March 7 with conspiracy to commit wire fraud and lying to federal investigators before Judge Leonie Brinkema of the U.S. District Court for the Eastern District of Virginia, who also presided over previous criminal cases resulting from the fraud.

According to the criminal information against...
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