Feds Want $31M From Convicted Taylor Bean Fraudster

Law360, New York (May 25, 2011, 6:58 PM EDT) -- Federal prosecutors in Virginia on Tuesday sought to recoup $30.7 million in assets from the former chairman of Taylor Bean & Whitaker Mortgage Corp., who was convicted in April of conducting a $2.9 billion bank and securities fraud that ruined the mortgage lender.

Prosecutors claim the assets were the ill-gotten gains of Lee Bentley Farkas' widespread scheme, and allegedly included a $15 million fraudulent pay-down of funds he owed to Taylor Bean, $8.4 million paid to his due-from-shareholder account and $7.3 million in fake loans made...
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