Mortgage Honcho in $3B Fraud Scheme Wins Early Release

Lee Farkas, who was chairman and majority owner of the Florida mortgage firm Taylor, Bean and Whitaker, has been granted release from prison nine years into a 30-year sentence. So reports the Orlando Sentinel.

Farkas’s company shuttered during the financial crisis after a $3 billion fraud that cost the jobs of 2,000 employees and also brought down Alabama-based Colonial Bank, then the sixth-largest bank failure in U.S. history.

Farkas was released on compassionate grounds due to the coronavirus pandemic.

Read the full article from the Orlando Sentinel

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