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Friday, July 1, 2011
Taylor Bean & Whitaker Execuitve Sentenced To 30 Years
Lee Farkas, the former chairman of Taylor Bean & Whitaker (TBW) was recently sentenced to 30 years in prison. Farkas was convicted of a 2.9 billion dollar fraud scheme making the highest ranking executive to go to prison during the financial crisis.
Charges included allegations he misappropriated more than $1.4bn from Colonial Bank’s mortgage warehouse lending division to keep TBW afloat. The fraud, which began in 2002, contributed to the failure of Colonial Bank in 2009 and had far reaching effects throughout the US economy.
Farkas was also ordered to relinquish 38.5 million dollars. I wonder how much more money he has hidden away.
I'm sure that people who like to see the Wall Street Executives that contributed to the financial crisis experience a similar fate. Many Wall Street Executives contributed in a similar manner causing the same, if not more, devastation than Farkas.
Charges included allegations he misappropriated more than $1.4bn from Colonial Bank’s mortgage warehouse lending division to keep TBW afloat. The fraud, which began in 2002, contributed to the failure of Colonial Bank in 2009 and had far reaching effects throughout the US economy.
Farkas was also ordered to relinquish 38.5 million dollars. I wonder how much more money he has hidden away.
I'm sure that people who like to see the Wall Street Executives that contributed to the financial crisis experience a similar fate. Many Wall Street Executives contributed in a similar manner causing the same, if not more, devastation than Farkas.
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I'm a licensed mortgage professional that has been helping borrowers for the past 8 years refinance and obtain mortgages for new homes. I enjoy providing helpful mortgage information to people interested in financing their home. Feel free to contact me with any questions about your mortgage situation.
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