June
2017
Thursday, June 17, 2010
towleroad.com, 
Submitted by: Editor

GAY MORTGAGE CEO LEE FARKAS INDICTED IN BILLION-DOLLAR FRAUD SCHEME

Lee Farkas, the CEO of a major mortgage lender which failed last year, was indicted this week in a multi-billion dollar fraud scheme tied to the Wall Street bailout program and the failure last year of Colonial Bank.

ABC News reports: "The total losses for the Federal Deposit Insurance Corp. that stemmed from fall of Colonial, one of the country's 50 largest banks in 2009, could exceed $3 billion, Washington officials said. Lee Farkas, chairman of Taylor, Bean and Whitaker Mortgage Corp., allegedly defrauded Colonial by selling it more than $1.5 billion in fake or fraudulent mortgage loans. Farkas was indicted in a 16-count indictment for overseeing a seven-year fraud that hid massive accounting losses at Taylor, Bean and Whitaker."

A Towleroad reader informs us that Farkas is gay and he and his partner Sean Murla owned a house in Key West for several years and were active in Equality Florida.

Posted by on 06/17/10 at 08:39 PM •  (2) Comments

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