Former Taylor Bean President Admits Role in $1.9 Billion Fraud
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Raymond E. Bowman, the former president of Taylor, Bean & Whitaker Mortgage Corp., admitted to his role in what prosecutors said was a $1.9 billion fraud that included attempting to deceive the federal bank bailout program.
Bowman, 45, who lives in Atlanta, pleaded guilty today in federal court in Alexandria, Virginia, to one count of conspiracy to commit wire fraud, bank fraud and securities fraud and one count of making false statements. Bowman also agreed to cooperate with prosecutors’ probe of the company.