Ex-mortgage exec charged in $1.9B fraud scheme

Feds allege fake mortgage loans helped topple Colonial Bank

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The former chairman of mortgage lender Taylor, Bean & Whitaker has been arrested and charged for his alleged role in a $1.9 billion fraud scheme federal prosecutors said contributed to last year’s failure of Colonial Bank.

Lee Bentley Farkas and co-conspirators are accused of misappropriating more than $400 million from Alabama-based Colonial Bank