Delton de Armas, former chief financial officer of Taylor Bean & Whitaker Mortgage Corporation (TBW), has been sentenced to 60 months in prison for his role in a more than $2.9 billion fraud scheme that contributed to the failure of TBW. De Armas of Carrollton, Texas, pleaded guilty in March to one count of conspiracy to commit bank and wire fraud and one count of making false statements.Click to continue

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

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

Paul Allen, former chief executive officer of Taylor Bean & Whitaker Mortgage Corporation (TBW), has been sentenced to 40 months in prison for his role in a $2.9 billion-plus fraud scheme that contributed to the failure of TBW. Allen of Oakton, Va., pleaded guilty in April 2011 to one count of making false statements and one count of conspiring to commit bank and wire fraud.Click to continue

Desiree Brown, former treasurer and Raymond Bowman, former president of Taylor Bean & Whitaker Mortgage Corporation (TBW) have been sentenced to 72 months in prison and 30 months in prison, respectively, for their roles in a more than $2.9 billion fraud scheme tied to the failures of TBW and Colonial Bank by U.S. District Judge Leonie M. Brinkema in the Eastern District of Virginia.Click to continue

Lee Farkas, the former chairman of Taylor, Bean & Whitaker Mortgage Corporation (TBW), has been convicted for his role in a $2.9 billion-plus fraud scheme that contributed to the failures of Colonial Bank, one of the 25 largest banks in the United States in 2009, and TBW, one of the largest privately-held mortgage lending companies in the United States in 2009.Click to continue