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Mortgage Executive Sentenced to 30 Years in Jail – Photo

Written by Steve Rhode

Lee Farkas, a former mortgage executive, was sent on vacation to Club Fed yesterday for a 30 year stretch. He was convicted of secretly overdrawing the accounts of Taylor Bean with Colonial Bank and then tried to make up for the account overage by selling the bank worthless and fake mortgages.

Farkas then convinced Colonial Bank to apply for government bailout money to cover the banks troubles. The bank ultimately did not get the money.

Taylor & Bean was a former mortgage firm and Lee Farkas was the chairman of the firm.

At this sentencing the judge said, ““I do not detect one bit of actual remorse,” “You regret getting caught.”

It is alleged that Farkas had laid his hands on $40 million from Taylor & Bean and Colonial Bank to pay for his lifestyle which included a private jet, vacation home, vintage cars, and small troll like elephants which he had cast in bronze. Actually I made up the elephants. Just wanted to see if you were still reading.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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