Mortgage Loan Compliance | TB&W Chairman Gets Sentenced To 30 Years

Federal authorities say the case against the former chairman of Florida-based Taylor Bean & Whitaker, Lee B। Farkas, is one of the largest prosecutions arising from the nation's financial crisis. The fraud put thousands of employees out of work and contributed to the collapse of Colonial Bank, which authorities described as the sixth-largest bank collapse in U.S. history.

"He deserves to be punished severely in light of the enormity of his crimes। The losses from this case are, in fact, off the charts," federal prosecutor Patrick Stokes said in urging a judge to send Farkas, 58, to prison for the rest of his life. "He has destroyed lives and institutions."

Farkas, who denied any wrongdoing when he testified at his trial, was convicted in of all 14 counts, including securities fraud and conspiracy। On Thursday, he acknowledged taking risks and making errors in judgment to keep his company afloat.

"When faced with the prospect of Taylor Bean & Whitaker sinking, I had to take risks," said Farkas, who was taken into custody following the verdict and appeared in court Thursday in a green prison jumpsuit। "I let Taylor Bean & Whitaker get out of control by letting it grow too fast."

U।S. District Judge Leonie Brinkema told Farkas she detected no remorse as she sentenced him to twice the 15-year sentence requested by his attorneys.

_______________________

Mortgage Loan Compliance® The Forensic Loan Audit Company

Get The Facts, Audit Your Loan, and Protect Your Rights!

Call Today 1-866-966-6615 or Visit www।ml-compliance.com