Ex-Taylor Bean Chair Convicted In $2.9B Fraud

Law360, New York (April 19, 2011, 9:43 PM EDT) -- A Virginia federal jury on Tuesday convicted the former chairman of Taylor Bean & Whitaker Mortgage Corp. for his role in a $2.9 billion bank fraud that allegedly led to the mortgage giant's collapse and attempting to defraud the Troubled Asset Relief Program.

After a 10-day trial, Lee Bentley Farkas was found guilty of 14 counts of conspiracy and bank, wire and securities fraud for perpetrating a plot that U.S. Attorney Neil H. MacBride called one of the longest and largest bank fraud schemes in the...
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