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Ocala Funding

Former Taylor Bean and Whitaker CFO Pleads Guilty to Role in $2.9 Billion Fraud Scheme

Cherry Red Gavel/Credit: Comstock

Delton de Armas, former chief financial officer of Taylor Bean & Whitaker Mortgage Corporation (TBW), has pled guilty to making false statements and conspiring to commit bank and wire fraud for his role in a more than $2.9 billion fraud scheme that contributed to the failures of TBW and Colonial Bank. De Armas of Carrollton, Texas, pleaded guilty before U.S. District Judge Leonie M. Brinkema in the Eastern District of Virginia, and faces a maximum penalty of 10 years in prison when he is sentenced on June 15, 2012.Click to continue

Deloitte and Touche Sued for $7 Billion for Taylor Bean Accounting Oversights

Accounting/Copyright: Getty Images/Credit: Jupiterimages

Deloitte & Touche LLP has been sued in state court in Miami for its failure to detect fraudulent activities at mortgage lender Taylor Bean & Whitaker Mortgage (TBW). The suit alleges that Deloitte & Touche's oversight of Taylor Bean's financials from 2002-2009 led to more than $7 billion in losses as former Chairman Lee Farkas, along with a host of Taylor Bean execs, orchestrated the scam which led to the demise of the once-12th leading mortgage lender nationwide.Click to continue

Farkas Has 10,950 Days to Ponder Taylor Bean Misdeeds

Lee_Farkas_Jail_Bars

Lee Farkas of Ocala, Fla., former chairman and owner of Taylor Bean & Whitaker Mortgage Corporation (TBW) has been sentenced to 30 years in prison and ordered to forfeit approximately $38.5 million for his role in a $2.9 billion-plus fraud scheme that contributed to the failure of TBW and Colonial Bank. At one time, TBW was one of the largest privately-held mortgage lending institutions in the United States and Colonial Bank was one of the 25 largest banks in the United States.Click to continue