Ex-Taylor Bean Chair To Pay $3.5B For Role In Fraud

Law360, New York (September 27, 2011, 3:58 PM EDT) -- A Virginia federal judge on Monday ordered former Taylor Bean & Whitaker Mortgage Corp. Chairman Lee Bentley Farkas to pay $3.5 billion in restitution for orchestrating a $2.9 billion bank and securities fraud that bankrupted the company and put him behind bars.

Farkas, 58, already sentenced to 30 years in prison after a jury convicted him on 14 counts of conspiracy and bank, securities and wire fraud, had asked U.S. District Judge Leonie M. Brinkema to reject the government's $3.5 billion demand, calling it exorbitant and...
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