U.S. government accuses former mortgage executive of multibillion-dollar scam
June 17, 2010
Total Loss:
$1.9 Billion
The U.S. government accused the former chairman of one of the nation's largest mortgage firms of a multibillion-dollar scam Wednesday, unveiling what is to date the biggest criminal case related to the crisis that nearly brought down the financial system.
The Justice Department accused Lee Bentley Farkas of Taylor, Bean & Whitaker of committing a $1.9 billion fraud against investors and the federal government that led to the demise of his firm and one of the nation's largest regional banks, Colonial Bank in Alabama.
Source:
The Washington Post, By: David Cho and Jerry Markon
Posted in:
Internal Fraud