Taylor Bean & Whitaker Mortgage Corp.’s ex-Chairman Lee Farkas lost a bid to overturn a lifelong ban on securities industry employment imposed after he was convicted of orchestrating a $3 billion scheme prosecutors said was among the biggest bank frauds recorded in the U.S.
Taylor, Bean & Whitaker Mortgage Corp.’s bankruptcy trustee is poised to settle a U.S. Justice Department lawsuit claiming the firm submitted fraudulent mortgages to the Federal Housing Administration, two people with knowledge of the pending agreement said.
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.
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.
Deloitte & Touche LLP settled lawsuits by Taylor, Bean & Whitaker Mortgage Corp.’s bankruptcy trustee and Deutsche Bank AG over $7.6 billion in losses associated with the collapse of the mortgage lender.
The former chief executive officer of Taylor, Bean & Whitaker Mortgage Corp., Paul R. Allen, admitted to his role in what prosecutors say was a $1.9 billion fraud that included attempts to deceive the federal bank bailout program.
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.
Taylor, Bean & Whitaker Mortgage Corp.’s former chairman, Lee Farkas , ordered data sent to Colonial Bank for nonexistent loans in an effort to cover up the company’s growing deficits, a company ex-president said.
Deloitte & Touche LLP, one of the so-called Big Four accounting firms, was sued for failing to detect a fraud that allegedly led to more than $7 billion in losses at defunct mortgage lender Taylor, Bean & Whitaker Mortgage Corp.