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Former Taylor, Bean president pleads guilty to fraud charges

The former president of Ocala's Taylor, Bean & Whitaker on Monday became the latest manager of the mortgage giant to plead guilty to fraud, Bloomberg News reported.

In federal court in Alexandria, Va., Raymond E. Bowman admitted to one count of conspiracy to commit wire fraud, bank fraud and securities fraud and one count of making false statements. Bowman, 45, also agreed to cooperate with prosecutors' inquiry into the company.

Federal prosecutors filed a criminal case against Bowman last week before U.S. District Judge Leonie Brinkema, who has presided over cases resulting from an alleged scheme to defraud the government's Troubled Asset Relief Program. Prosecutors said the scheme contributed to the failure of Alabama-based Colonial Bank.

Bowman is set to be sentenced on June 10 and faces a maximum of five years in prison on the two counts, plus a fine of as much as $500,000 and full restitution to victims, Bloomberg said. Two other Taylor, Bean executives, including former chairman Lee Farkas, also were accused of deceiving financial firms and TARP by covering up shortfalls at Taylor, Bean.

Taylor, Bean was once the largest nondepository mortgage lender in the nation, according to the Securities and Exchange Commission. Farkas' trial on 16 counts is set for April 4.

Former Taylor, Bean president pleads guilty to fraud charges 03/14/11 [Last modified: Monday, March 14, 2011 8:04pm]
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