Former Taylor, Bean Officer Admits to Fraud

Former Taylor, Bean Officer Admits to Fraud - NYTimes.com: "The former treasurer of Taylor, Bean & Whitaker Mortgage Corporation, once one of the largest mortgage lenders in the country, admitted to helping run a $1.9 billion fraud scheme that was directed at the government’s Troubled Asset Relief Program and contributed to the failure of Colonial Bank.

The former treasurer, Desiree Brown, 45, pleaded guilty on Thursday in federal court in Alexandria, Va., to wire fraud, securities fraud, and conspiring to commit bank fraud. She also agreed to cooperate with prosecutors in the trial of Lee Farkas, former chairman of Taylor, Bean, on April 4. Ms. Brown also settled civil charges with the Securities and Exchange Commission, the S.E.C. said."