4th Circ. Backs Ex-Taylor Bean Head's $3B Fraud Conviction

Law360, New York (June 20, 2012, 2:33 PM EDT) -- The Fourth Circuit on Wednesday upheld the conviction of former Taylor Bean & Whitaker Mortgage Corp. Chairman Lee Farkas for his role in a $2.9 billion fraud that government lawyers called one of the longest and largest bank schemes in the country.

A three-judge panel rejected Farkas' Jan. 18 appeal of his April conviction by a Virginia federal jury on 14 counts of conspiracy and bank, wire and securities fraud. Farkas was sentenced to 30 years in prison and ordered to pay $3.5 billion in restitution...
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