Former chairman gets 30 years for $3 billion mortgage fraud

[sinkingfeeling]

http://www.usatoday.com/money/economy/housing/2011-06-30-farkas-mortgage-fraud-sentence_n.htm

ALEXANDRIA, Va. — An executive convicted of orchestrating a $3 billion fraud as chairman of one of America's largest private mortgage companies was sentenced Thursday to 30 years in prison.

Former Taylor Bean & Whitaker chairman Lee Farkas. Photo provided by the Marion County (Fla.) Sheriff's Office.
Federal prosecutors in northern Virginia had sought a life sentence for Lee Farkas, former chairman of Florida-based Taylor Bean & Whitaker. They called the case against him one of the most significant arising from the nation's financial meltdown.

Prosecutors say Colonial and two other major banks —Deutsche Bank and BNP Paribas— were collectively cheated out of nearly $3 billion during a scheme that spanned more than seven years.

[postulater]

1. Can he take Wall Street with him?

[ej510]

2. Can we take Wall St., Justice Prosser, and Uncle Clarence

with him. You forgot a few.

[ashling]

3. That's 1 down

[malaise]

4. K & R

Many more to follow

[Rageneau]

5. I'd like to see a headline just like this every day for five years.