Judgment Day For 2 Execs In $3B Taylor Bean Fraud

Law360, New York (June 17, 2011, 3:53 PM EDT) -- A former Colonial Bank executive was sentenced Friday in Virginia to eight years in prison over an alleged $3 billion securities fraud involving Taylor Bean & Whitaker Mortgage Corp., the same day the mortgage lender's ex-CEO struck a deal with federal officials in a related suit.

Catherine Kissick, the former head of Colonial Bank's warehouse mortgage lending division, received her sentence in federal court after admitting in March to hiding TBW overdrafts and purchasing bogus TBW loans and investments on behalf of the bank. Kissick has...
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