Colonial Loan Supervisor Cops To Fraud Claims

Law360, New York (May 6, 2011, 1:29 PM EDT) -- A former supervisor for Colonial Bancorp Inc.'s lending division who helped Taylor Bean & Whitaker Mortgage Corp. sell $1.5 billion in impaired mortgages admitted Wednesday to securities regulators' fraud claims in Virginia federal court.

Teresa A. Kelly, 35, consented to the judgment and waived her right to appeal, according to U.S. District Judge Leonie M. Brinkema's order.

"The court shall determine whether it is appropriate to order a civil penalty," Judge Brinkema said.

The U.S. Securities and Exchange Commission sued Kelly in March claiming she got...
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Case Information

Case Title

Securities and Exchange Commission v. Kelly

Case Number



Virginia Eastern

Nature of Suit



Leonie M. Brinkema

Date Filed

March 16, 2011


Government Agencies

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