Plea Hearing for Mortgage Fraud Scheme
A plea hearing is scheduled today at federal court in Alexandria, Virginia for Delton DeArmas, who was a top executive at Ocala-based Taylor Bean and Whitaker.
The former chief financial officer at the now bankrupt mortgage company is expected to plead guilty to federal charges as part of a $3 billion fraud scheme.
Seven executives at Taylor Bean and Alabama based Colonial Bank, including Taylor Bean's owner Lee Farkas, have already been convicted in a massive mortgage fraud scheme that led to the collapse of both Taylor Bean and Colonial, which had been one of the 25 largest banks in the U.S.
2,000 workers lost their jobs when the company went under.
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