US Wants Ex-Taylor Bean Execs To Pay $3.5B Restitution

Law360, New York (August 3, 2011, 5:31 PM EDT) -- The U.S. on Wednesday recommended $3.5 billion in restitution in Virginia federal court for seven former Taylor Bean & Whitaker Mortgage Corp. executives convicted of taking part in a massive bank and securities fraud.

Prosecutors requested that the former executives, sentenced in June for their alleged participation in a fake mortgage scheme, pay the restitution jointly and severally to shareholders, a group of banks and the Federal Deposit Insurance Corp., which were all affected by the scheme to sell fake mortgage loan assets and cover up...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.