ALEXANDRIA, Va. (AP) The one-time chairman and majority owner of what was once one of the country's largest privately held mortgage lenders is going on trial for an alleged fraud scheme of nearly $2 billion.
The alleged scheme contributed not only to the collapse of Taylor Bean & Whitaker, but also took down a major regional bank.
A jury in federal court in Alexandria, Va., is expected to hear opening statements Monday in the fraud trial of Lee Bentley Farkas, the former chairman of Florida-based Taylor Bean.
Roughly 2,000 Taylor Bean employees lost their jobs when the company collapsed in 2009. The collapse also helped take down Alabama-based Colonial Bank — the sixth-largest bank failure in U.S. history.
Several executives at Colonial and Taylor Bean have entered guilty pleas in the case.
Commented
Sorry, there are no recent results for popular commented articles.