Billion dollar loan mortgage fraud.

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
User avatar
The Operative
Fourth Shogun of Quatloosia
Posts: 885
Joined: Sat Jul 21, 2007 4:04 pm
Location: Here, I used to be there, but I moved.

Re: Billion dollar loan mortgage fraud.

Postby The Operative » Sun Jun 20, 2010 5:11 am

A longer article with more details about what happened at Taylor, Bean & Whitaker can be found at http://www.ocala.com/article/20100616/A ... ?p=1&tc=pg

A separate civil complaint filed by the U.S. Securities and Exchange Commission in U.S. District Court in Virginia details those activities even further, stating that Taylor Bean's troubles began in first quarter 2002, when its cash flow was “insufficient to cover its growing business.”

It began overdrawing its limited warehouse line of credit with Colonial by about $15 million each day and Farkas allegedly “pressured an officer of Colonial Bank to assist in concealing TBW's overdraws,” states the complaint.

By December 2003, Taylor Bean was withdrawing its accounts with Colonial “by approximately $150 million on a nearly daily basis,” according to the complaint.
Light travels faster than sound, which is why some people appear bright, until you hear them speak.

Uk_property

Re: Billion dollar loan mortgage fraud.

Postby Uk_property » Sun Aug 22, 2010 9:57 am

So bad to find out that all that amount of money lost by fraud mortgage.

But can this money come back to its owner by tracking it.
Last edited by wserra on Sun Aug 22, 2010 12:05 pm, edited 1 time in total.
Reason: Moderator removes commercial link. No commercials, please.

Judge Roy Bean
Judge for the District of Quatloosia
Judge for the District of Quatloosia
Posts: 3539
Joined: Tue May 17, 2005 7:04 pm
Location: West of the Pecos
Contact:

Re: Billion dollar loan mortgage fraud.

Postby Judge Roy Bean » Mon Aug 23, 2010 2:58 am

TB&W was just another enabler who enriched themselves as long as they could while the casino was still open.

I think we really need to wonder why Farkas is being singled out.
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three


Return to “THE DILIGIZER BOARD -- Securities Fraud -- Due Diligence in Finance”

Who is online

Users browsing this forum: No registered users and 1 guest