Estimated reading time: 0 minutes, 26 seconds

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

Read 1542 times
Rate this item
(0 votes)

FOLLOW US

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.