Make us your home page

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]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights


    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.


    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]