Taylor, Bean & Whitaker's (TBW) former chairman and CEO Lee Farkas was sentenced today to 30 years in prison for leading a $2.9 billion fraud scheme that brought down the top-ranked nonbank lender, and its chief warehouse backer Colonial Bank.

From 2002 through August 2009, Farkas and his co-conspirators, who have been sentenced to serve various prison terms, misappropriated more than $1.4 billion from Colonial Bank’s warehouse division and $1.5 billion from Ocala Funding, a mortgage lending facility controlled by TBW. 

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.