Former Taylor Bean Chief Farkas Charged With Fraud
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Lee Farkas, the former chairman of Taylor, Bean & Whitaker Mortgage Corp., was accused by the U.S. of helping run a more than $1.9 billion fraud scheme that unsuccessfully attempted to steal money from the government’s Troubled Asset Relief Program.
An indictment unsealed today in federal court in Alexandria, Virginia, alleges that Farkas, 57, sought to deceive financial firms and TARP by covering up shortfalls at his closely held mortgage lending company based in Ocala, Florida.