Former chair of Taylor, Bean & Whitaker sentenced to 30 years

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Lee Farkas, former chair of Taylor, Bean & Whitaker (TBW), has been sentenced to 30 years in prison and ordered to forfeit $38.5 million. Farkas was found guilty in April this year of 14 counts of conspiracy to commit bank, wire and securities fraud and also substantive counts of bank, wire and securities fraud. Farkas was found guilty of stealing more than $38 million for personal gain from TBW and Colonial Bank. He used the stolen money to buy a jet, expensive antique and collector cars