Submitted by: Editor
GAY MORTGAGE CEO LEE FARKAS INDICTED IN BILLION-DOLLAR FRAUD SCHEME
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.