Ex-Taylor Bean Chairman Farkas Fights $31M Forfeiture

Law360, New York (June 14, 2011, 4:12 PM EDT) -- The former chairman of defunct lender Taylor Bean & Whitaker Mortgage Corp., convicted of orchestrating a $2.9 billion bank and securities fraud, chastised prosecutors in Virginia on Monday for trying to force him to forfeit $30.7 million in allegedly ill-gotten gains.

Lee Bentley Farkas said that in seeking the money, prosecutors argued out of both sides of their mouths. In order to convict the former chairman, they had stressed that he did not have to profit from the scheme in order to be found guilty. Now,...
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