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Keyword: leefarkas

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  • Jury convicts exec in $3B mortgage fraud case

    04/19/2011 4:44:11 PM PDT · by driftdiver · 25 replies
    Foxnews/AP ^ | April 19, 2011 | MATTHEW BARAKAT
    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...