Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Former Taylor Bean Finance Chief Reaches Plea Agreement

March 14 (Bloomberg) -- Taylor, Bean & Whitaker Mortgage Corp.’s former finance chief reached a plea agreement with federal prosecutors, almost a year after the company’s chairman was found guilty of running a $3 billion fraud.

Delton de Armas is scheduled to appear in court for a plea hearing on March 20, according to a filing today in U.S. District Court in Alexandria, Virginia. The court’s docket doesn’t say what de Armas is being charged with.

Peter Carr, a spokesman for U.S. Attorney Neil MacBride, declined to comment on the filing. De Armas couldn’t be located for comment.

Lee Farkas, the ex-chairman of Taylor Bean, is serving a 30-year sentence after being convicted in April of 14 counts of conspiracy and bank, wire and securities fraud in what prosecutors said was a $3 billion scheme involving fake mortgage assets.

Six conspirators to the fraud scheme who pleaded guilty and testified against Farkas at trial were sentenced to prison terms ranging from three months to eight years.

Taylor Bean, based in Ocala, Florida, was servicing more than 500,000 mortgages, including $51 billion of Freddie Mac loans, when it collapsed in August 2009, according to court records.

The case is U.S. v. Armas, 12-00096, U.S. District Court, Eastern District of Virginia (Alexandria).

To contact the reporter on this story: Tom Schoenberg in Washington at tschoenberg@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.