Mortage company chair convicted on 14 counts of fraud

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Lee Farkas, former chair of failed mortgage company Taylor, Bean and Whitaker (TBW), has been convicted of 14 fraud charges brought by the Office of the Special Inspector General for the Troubled Asset Relief Program (Sigtarp). They include one count of conspiracy to commit bank, wire and securities fraud, six counts of bank fraud, four counts of wire fraud and three counts of securities fraud. All the charges relate to Farkas's time as chair of TBW. The bank fraud, which was one of the large