Ex-Taylor Bean Chair Fails To Win Release

Law360, New York (April 28, 2011, 3:19 PM EDT) -- A Virginia federal judge on Wednesday rejected a bid by the former chairman of Taylor Bean & Whitaker Mortgage Corp. to leave jail as he awaits sentencing for operating a $2.9 billion bank and securities fraud that destroyed the mortgage lender.

Attorneys for Lee Bentley Farkas failed to sway the court with claims that he is not a flight risk until his June 27 sentencing on 14 counts of conspiracy and fraud over a scheme that prosecutors said ranked as one of the largest bank swindles...
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