In April, 58-year old Lee Farkas of Ocala, Florida was convicted of multiple fraud charges for operating one of the nation’s largest mortgage fraud schemes. The $3 billion mortgage fraud scheme led to the collapse of one of the biggest private mortgage companies in the country and Alabama-based Colonial Bank.
Now, federal prosecutors are arguing that Farkas should spend the rest of his life in jail after swindling money from hundreds of homeowners. The maximum sentence Farkas could receive for the convictions is 385 years.
Farkas was the majority owner of Taylor, Bean & Whitacre. The mortgage company closed in 2009 after their fraudulent practices were discovered. 6 other executives with the private mortgage company were charged in the scheme.
Contact the Birmingham mortgage fraud lawyers of Yearout & Traylor, P.C. at 205-414-8160 today, if you or someone you know has been the victim of mortgage fraud.