Ex-Taylor Bean CEO Allen Gets 40-Month Prison Sentence for Fraud
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Former Taylor, Bean & Whitaker Mortgage Corp. chief executive officer Paul Allen sentenced to about 3 1/2 years in prison in federal court in Virginia for his role in a $3 billion fraud scheme.
Allen, 55, yesterday became the sixth person sent to prison by U.S. District Judge Leonie Brinkema for participating in a fraud that duped some of the largest U.S. financial institutions. The scheme also targeted the federal bank bailout program and contributed to the failure of Montgomery, Alabama-based Colonial Bank and its parent, Colonial BancGroup Inc.