Farkas Charged in TARP Fraud Case

Thursday, June 17, 2010
THOMAS CATAN AND EVAN PEREZ, The Wall Street Journal,

WASHINGTON—U.S. authorities arrested Lee Farkas, the high-rolling former chairman of a failed Florida mortgage lender, and charged him with orchestrating a seven-year, multibillion-dollar fraud that contributed to the collapse of a major bank and targeted the U.S. government.

Mr. Farkas's company, Taylor, Bean & Whitaker Mortgage Corp., rose to become one of the largest private lenders in the U.S. before its collapse last August. It originated and bought billions of dollars in home loans and sold them to investors, including government-sponsored housing companies such as Freddie Mac.

Read Full Article

Posted by Tracey on 06/17/10 at 03:21 PM • (0) Comments

Tags: fraud, tarp, mortgage fraud, lee farkas, tarp fraud, taylor, bean & whitaker,