4th Exec Cops To $2B Taylor Bean Fraud

Law360, New York (March 16, 2011, 5:12 PM EDT) -- A former Colonial Bank operations supervisor pled guilty to fraud Wednesday in a Virginia federal court, becoming the fourth executive to admit participating in the $2 billion scheme that took down the bank and Taylor Bean & Whitaker Mortgage Corp.

Teresa Kelly pled guilty to one count of conspiracy to commit bank fraud, wire fraud and securities fraud at a hearing in the U.S. District Court for the Eastern District of Virginia.

Kelly, who worked at Colonial Bank's mortgage warehouse lending division in Orlando, participated in...
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