Former Colonial Bank Senior Vice President Sentenced to Eight Years in Prison for Fraud Scheme
June 21, 2011
Total Loss:
$2.9 Billion
A former senior vice president and head of Colonial Bank’s Mortgage Warehouse Lending Division was sentenced today to eight years in prison for her role in a more than $2.9 billion fraud scheme that contributed to the failures of Colonial Bank and Taylor, Bean & Whitaker (TBW). Colonial Bank was one of the 25 largest banks in the United States and TBW was one of the largest privately-held mortgage lending companies in the United States in 2009.
Source:
FBI
Posted in:
Internal Fraud
Collusive Networks
ACH and Wire Fraud