Former Taylor Bean Exec Gets 5 Years For Role In $3B Fraud

Law360, New York (June 15, 2012, 3:06 PM EDT) -- A Virginia federal judge on Friday sentenced a former Taylor Bean & Whitaker Mortgage Corp. executive to five years in prison for his role in what prosecutors have called a $2.9 billion fraud scheme that bilked investors and felled the lending giant.

U.S. District Judge Leonie M. Brinkema also ordered former Taylor Bean Chief Financial Officer Delton de Armas to serve three years of supervised release, with restitution to be calculated at a later date.

De Armas pled guilty in March to one count each of...
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