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Mortage company chair convicted on 14 counts of fraud

Sigtarp says: "This is the most significant criminal prosecution to date rising out of the financial crisis"

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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

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