4th Circ. Affirms SEC Ban For Ex-Taylor Bean Chairman
Law360, Los Angeles (February 11, 2014, 5:50 PM EST) -- A Fourth Circuit panel on Tuesday rejected former Taylor Bean & Whitaker Mortgage Corp. Chairman Lee Bentley Farkas’ attempts to overturn a U.S. Securities and Exchange Commission injunction barring him from managing mortgage-related companies, ruling Farkas’ criminal conviction justified the injunction under collateral estoppel.
In an unpublished, per curiam decision, the panel dismissed Farkas’ objections to a district court decision that granted the SEC’s injunction based on Farkas’ conviction. Farkas argued that his criminal jury was improperly instructed on the definition of “security,” and that the district court erred in relying on its verdict.
But the panel ruled that Farkas had...
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