Jury convicts exec in $3B mortgage fraud case

Foxnews/AP ^ | April 19, 2011 | MATTHEW BARAKAT

[driftdiver]

ALEXANDRIA, Va. – A jury on Tuesday convicted the majority owner of what had been one of the nation's largest mortgage companies on all 14 counts in a $3 billion fraud trial that officials have said is one of the most significant prosecutions to arise from the nation's financial crisis.

Prosecutors said Lee Farkas led a fraud scheme of staggering proportions as chairman of Florida-based Taylor Bean & Whitaker. The fraud not only caused the company's 2009 collapse and the loss of jobs for its 2,000 workers, but also contributed to the collapse of Alabama-based Colonial Bank, the sixth-largest bank failure in U.S. history.

The jury returned its verdict late Tuesday after more than a day of deliberations.

Colonial and two other major banks — Deutsche Bank and BNP Paribas — were cheated out of nearly $3 billion, prosecutors estimated. Farkas and his cohorts — six of whom entered guilty pleas to related charges and testified against him at the two-week trial in U.S. District Court — also tried to fraudulently obtain more than $500 million in taxpayer-funded relief from the government's bank bailout program, the Troubled Assets Relief Program (TARP).

[Fee]

Sometimes Communist China has legal inventions that we can adopt for our businessmen and bankers. If a businessmen or financier acts recklessly and causes losses in the economy that damages the reputation of the nation’s economy, no matter how big or small the losses are, the individual is guilty of acts that undermine the nation’s prestige and stability of society and therefore tried as such. If found guilty, death by firing squad and send bill to family for cost of bullets!!!! Schemers are genetically unable to control themselves, like rapists and child molesters, if you do not kill them and let them live, they will only strike again.

[Recovering Ex-hippie]

I AM SURPRISED BARNEY AND DODD ARE STILL RUNNING FREE !!!

this is PEANUTS compared to what THEY did!!

[Lucius Cornelius Sulla]

Other thread:

Farkas guilty on all 14 counts (Faces 420 years)
“ http://www.freerepublic.com/focus/f-news/2707530/posts ‘

[Lucius Cornelius Sulla]

‘a Florida court makes a house of mirrors look like a cathedral. So they pin everything on one man’

This was a Federal Court in Alexandria, VA. Farkas was the guy who ran everything, and destroyed white collar employment in Ocala.

[Lucius Cornelius Sulla]

Ping.

[the invisib1e hand]

Useful idiots there, too, apparently. He's a poster boy. Nobody acts alone, especially in businesses as highly regulated as residential mortgages and securities. and nobody pockets 3 bil.

Villains sway juries and sell papers.

Still waiting for Chris Dodd's day in court, too.