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A Mortgage Fraud Mastermind Seeking Life Sentence

A Mortgage Fraud Mastermind Seeking Life Sentence
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A new fraud has been faced by the government of America when a man named Farkas was caught in a criminal act by the Federal prosecutors and it was found that he is involved with the recent fraud of $3-billion with the private mortgage companies of America. However, the federal prosecutors want to extend his punishment period but the term has been shorten less than 15 years as Lee B Farkas is known as the majority owner of “Florida-based Taylor, Bean & Whitaker”.

The company was sealed due to the fraud case and more than 2,000 employees had to leave their jobs just because of the owner of the company. Another biggest fraud in which he was involved is about Alabama-based Colonial bank which is considered as one of the biggest banks of America.

Fakas has been arrested and it has been decided to increase the punishment period as he is involved in the biggest frauds of the country’s most important and financial institutions and also known as the biggest mastermind of cheaters who are known to be involved in the biggest bank frauds in the history of US. In the court, his case was compared with the other mass swindlers and it was urged that he must receive the maximum.

According to the history of frauds that were happened with the banks of America, Madoff who was involved in the fraud case of $13 billion received a life sentence of 150-year even though he accepted his fraud. But in the case of Farkas, it has been decided to increase the life sentence up to 385 years because he tried to speak lie in the witness box as well and deflected against responsibility.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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