Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, June 16, 2010

CEO of Major Mortgage Lender Charged with Misappropriation, TARP Fraud

A grand jury indicted Lee Bentley Farkas, CEO of Taylor Bean & Whitaker Mortgage Corp., which was one of the largest independent home-loan providers, on 16 counts of bank, securities and wire fraud.  The allegations involve the misappropriation of over $1 billion, including efforts to access TARP funds through acquisition of a stake in Colonial Bancorp.  WSJ, Farkas Charged in TARP Fraud Case

The SEC also brought a civil securities fraud action based on the same allegations.  SEC Charges Former Chairman of Major Mortgage Lender With $1.5 Billion Securities Fraud and Related TARP Scheme

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