US ex-bank head guilty of fraud

BBC News

The former head of a company that was once one of the largest US mortgage lenders has been convicted of fraud.

Lee Farkas, ex-chairman of Taylor, Bean and Whitaker, was found guilty on all 14 counts he faced.

The company’s 2009 collapse caused the loss of 2,000 jobs and the failure of Colonial Bank, the sixth-biggest bank failure in US history.

Prosecutors said Colonial and two other banks were cheated out of $2.9bn.

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