Colonial Bank News
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Bank of America Corp. can’t sue to recover $1.75 billion in investor losses stemming from a mortgage-fraud scheme at failed lender Taylor, Bean & Whitaker Mortgage Corp., the Federal Deposit Insurance Corp. told a judge.
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Raymond E. Bowman , the former president of Taylor, Bean & Whitaker Mortgage Corp., admitted to his role in what prosecutors said was a $1.9 billion fraud that included attempting to deceive the federal bank bailout program.
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A former Colonial Bank executive admitted to conspiring with officials at Taylor, Bean & Whitaker Mortgage Corp. to defraud investors and the government of about $970 million.
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The former treasurer of Taylor, Bean & Whitaker Mortgage Corp., once the 12th largest mortgage lender in the U.S., admitted helping run a $1.9 billion fraud scheme that targeted the government’s Troubled Asset Relief Program and contributed to the failure of Colonial Bank.
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Lee Farkas , the former chairman of Taylor, Bean & Whitaker Mortgage Corp., went on trial today as the accused mastermind of a $1.9 billion fraud conspiracy. Looming in the background was the company’s relationship with the bailed-out federal mortgage financier, Freddie Mac.
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A former operations supervisor at Colonial Bank admitted taking part in what prosecutors said was a $1.9 billion fraud that targeted the U.S. bank bailout program.
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A former executive of the defunct Colonial Bank, Catherine Kissick, was sentenced to eight years in prison for her role in a $2.9 billion fraud involving Taylor, Bean & Whitaker Mortgage Corp.
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Paul Ceglia, who claims half the holdings of Facebook Inc. co-founder Mark Zuckerberg, must produce originals of the contract and e-mails that he says prove his case, a judge ordered at the request of the company.
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Galleon Group LLC co-founder Raj Rajaratnam, at the center of largest crackdown on hedge-fund insider trading in U.S. history, didn’t take the witness stand as jurors heard one last wiretapped recording in his trial.
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The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
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