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30 Years is Better Than 385, I Guess

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The government had asked for a prison sentence of 385 years for Lee Farkas, former chairman of Taylor, Bean & Whitaker Mortgage Corp., who was recently convicted in a $3 billion mortgage fraud scheme that also caused the collapse of Colonial Bank – the sixth largest bank failure in U.S. history according the FDIC lawyer Tom O’Brian (pictured below). Farkas110630_O'Brian

Reading from a prepared statement Farkas told the judge, ”I believe that everyone at Taylor, Bean & Whitaker and Colonial were acting together and in good faith,” He said he had to “take risks” and the company “grew too fast”….”I thought perhaps naively that the ship could right itself.” Never once did he mention the fraud scheme. Farkas110630

Saying ”I do not detect one bit of actual remorse that what you did was unlawful, that you engaged in fraud, ” Judge Brinkema imposed a 30 year sentence and a $38.5 million forfeiture on the 58 year-old Farkas.

NYT story here.

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Farkas Closing Arguments

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Defense attorney Bruce Rogow made his closing argument in the mortgage fraud trial of Lee Farkas.  It’s so complicated I won’t attempt to explain . . .

. . . but you can read about it here ( AP ).

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