A federal grand jury has indicted the former CEO of Ocala-based Taylor Bean & Whitaker, once among the nation's largest privately held mortgage lending companies, for his role in a more than $1.9 billion fraud scheme that contributed to the failures of Alabama-based Colonial Bank, one of the 50 largest banks in the United States in 2009, and Taylor Bean
Lee Bentley Farkas and co-conspirators tried to steal hundreds of millions through the government's Troubled Assets Relief Program, known as TARP, according to a Department of Justice indictment in Virginia. Investigators uncovered the alleged conspiracy before the theft could occur, Neil Barofsky, special inspector general for TARP, told a news conference.
Farkas was arrested Tuesday night in Ocala on the following charges: one count of conspiracy to commit bank, wire and securities fraud; six counts of bank fraud; six counts of wire fraud; and three counts of securities fraud. The indictment also seeks approximately $22 million in forfeiture from Farkas.