Former Chairman of Taylor, Bean and Whitaker Found Guilty

One convicted executive is not enough

Palm Coast, FL – April 21, 2011 – Former Chairman of Taylor, Bean and Whitaker, Lee Farkas, has been found guilty on all fourteen felony counts by a jury in Alexandria VA. Farkas "masterminded one of the largest bank fraud schemes in history, said Assistant Attorney General Lanny Breuer.
The nearly $3 Billion fraud brought down TBW and led to the failure of Colonial Bank, one of the country’s largest commercial banks.
Farkas is the first "big fish" of the financial sea to be convicted for activities leading to the housing market collapse and resulting financial crisis. Many believe few others will face the same fate.
For more details on the story, read: Main Justice

5 replies
  1. Chris Godkin
    Chris Godkin says:

    But it’s a start!

    I agree, one is not enough!
    But it is a start.
    Let’s hope this is a sign of the trend.
    Lock up the crooks hiding behind their professional status!
    Once the crooked Bankers and Lenders start wearing ORANGE, maybe we’ll see some hope for reform and recovery!

  2. Gary Butler
    Gary Butler says:

    Breuer isn’t the Big Fish

    I think there is a typo… the 3rd paragraph starts "Breuer is the first "big fish" of the financial sea to be convicted…", but based on the 1st paragraph Breuer is the Asst AG. I think the 3rd paragraph should start "Farkas is the first "big fish" of the financial sea to be convicted…"

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