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eric pebble

Mortgage Exec Sentenced To 30 Years In $3Billion Fraud Case.

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Mortgage exec sentenced to 30 years in $3billion fraud case.

The former chairman of one of America's largest mortgage companies was jailed for 30 years today after orchestrating a near $3billion fraud.

The conviction of Lee B Farkas, 58, of Ocala, Florida, who was the chairman of now defunct Taylor Bean & Whitaker, is one of the most significant prosecutions arising from the nation's financial crisis.

The fraud spanned more than seven years, put thousands of employees out of work and contributed to the collapse of Colonial Bank, which authorities call the sixth-largest bank failure in U.S. history.

---------------

One down - several thousands to go.... :rolleyes:

I mean ---

LIAR LOANS &

MORTGAGE FRAUD

are the biggest Elephants in the Room in all history.... :rolleyes:

Read more: http://www.dailymail.co.uk/news/article-2010135/Mortgage-exec-sentenced-30-years-3billion-fraud-case-spanned-seven-years-thousands-work-led-collapse-Colonial-Bank.html#ixzz1Qs0yXVAA

Edited by eric pebble

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I was just about to say that I suspect he had a nice lifestyle...

The green prison jumpsuit Farkas wore to court today was a far cry from a lavish lifestyle he once enjoyed of classic cars, a private jet and sea plane and an impressive East Coast real estate collection - including a home in Key West.

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Man that's harsh!

He must have thought he was better connected / protected than he actually was.

Mortgage fraud has been de facto legal in the UK for a long time.

I would not like to see the perpetrators getting 30 years when they all got the wink from the banks so they could lie about the quality of their loans for re-sale.

The brokers were mere tools, outside the real operation.

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Man that's harsh!

He must have thought he was better connected / protected than he actually was.

Mortgage fraud has been de facto legal in the UK for a long time.

I would not like to see the perpetrators getting 30 years when they all got the wink from the banks so they could lie about the quality of their loans for re-sale.

The brokers were mere tools, outside the real operation.

30 years is fair. But you are right, there are a whole bunch more guilty parties that need bringing to justice. 30 years is only fair when all the perpetrators are equally brought down.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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