US Prosecutors Get TBW's Lee Farkas for 16 Counts of Fraud

Wednesday, June 16, 2010 , , , , 1 Comments


Great! Now when does PwC get indicted for signing off on Colonial Bank's shit financials?


A grand jury has indicted the chief executive of what was once among the nation's largest independent home-loan providers on 16 counts of bank, securities and wire fraud.

In documents filed in federal district court in Virginia, prosecutors said Lee Bentley Farkas, the chief executive of Taylor, Bean & Whitaker Mortgage Corp. misappropriated more than $1 billion in a scheme that started in 2002.

Taylor, Bean Whitaker and Colonial BancGroup Inc. engaged in a complex scheme to move money between accounts to disguise shortfalls, prosecutors said. "The day after sweeping funds, the conspirators would cause the money to be returned to the other account, only to have to sweep funds back into the master account later that day to hide the deficit again," a court filing said.

Further, it said Farkas and his co-conspirators tried to access government bailout funds by acquiring a major stake in Colonial BancGroup to get at $500 million in taxpayer money.

You can find all the hot TBW fail action here and Colonial Bank's mess here if you missed it last year.

See also: TBW Reeks of Something, We Just Aren't Sure What(TF) and Alabama State Regulators Can't Figure Out WTF to Do About Colonial Bank and Neither Can I

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Shana said...

I worked at TBW... here's a link to my blog "Karma or Greed"..