Feds seek life term for mortgage fraud mastermind

ALEXANDRIA, Va. – June 27, 2011 – Federal prosecutors are seeking a life sentence for the man convicted of orchestrating a $3 billion fraud while running what had been one of America’s largest private mortgage companies.

Defense lawyers, meanwhile, on Friday asked for a term of no more than 15 years for Lee B. Farkas, 58, the former majority owner of Florida-based Taylor Bean & Whitaker.

Taylor Bean collapsed in 2009 when the fraud scheme unraveled, putting its 2,000 employees out of work. The fraud also contributed to the failure of Alabama-based Colonial bank, which had been one of the country’s 25 largest banks.

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