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Federal Prosecutors Seek Life Sentence for Mortgage Fraud MastermindAll
| Location: | All |
| Date posted: |
2011-06-27 11:46 | |
Federal Prosecutors Seek Life Sentence for Mortgage Fraud Mastermind
June 26th, 2011
Lee Farkas, former majority owner of Florida mortgage company Taylor, Bean & Whitaker (TBW), didn’t kill anyone, but he still is facing life in prison – 385 years to be exact – for a $3 billion mortgage fraud scheme that has been called “one of the biggest bank frauds in U.S. history.” When his company collapsed in 2009 as the fraud scheme came to light, 2,000 employees lost their jobs and one of the country’s 25-largest banks, Colonial, tanked[1]. Prosecutors believe that not only is Farkas guilty, but that he is lying on the witness stand even now as he attempts to deflect responsibility. He was convicted after the other six employees at his company and Colonial bank took the stand and testified against him in order to receive shortened sentences of three months to six years.
Farkas is accused not only of “ripping off banks and attempting to steal from the government [via applying for TARP funds],” but also with “little to no regard for the consequences to TBW’s of Colonial Bank’s employees”[2]. He not only regularly overdrew and over-pledged his company on a massive scale, but also has been convicted of “personally” stealing more than $40 million from TBW and Colonial combined.
Do you think that it is fair that Farkas receives a life sentence while his partners in crime are getting off with a maximum of eight years in prison? Do you think that their testimony might have been influenced by their deals, or do you think that Farkas and his cohorts are getting what they deserve?
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