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Ex-Taylor Bean Chairman Sentenced to 30 Years in Prison Comments (9)

Discussion in 'General Appraisal Discussion' started by Elliott, Jun 30, 2011.

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  1. Elliott

    Elliott Elite Member

    59
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    [​IMG]

    WSJ,
    "A federal judge on Thursday sentenced former Taylor, Bean & Whitaker Mortgage Corp. Chairman Lee Farkas to 30 years in prison for running a multibillion-dollar fraud scheme that led to the collapse of the mortgage lender and a major bank. Mr. Farkas wore a green prison jumpsuit as Judge Leonie M. Brinkema of the U.S. District Court in Alexandria, Va., read the sentence, more than two months after a jury found the 58-year-old guilty on all 14 counts of conspiracy and bank, wire and securities fraud.
    "I do not detect one bit of actual remorse," Judge Brinkema said."

    http://www.marketwatch.com/story/ex...rison-term-wsj-2011-06-30?link=MW_latest_news

    Doc Manhattan refused comment.
     
  2. panappr

    panappr Senior Member

    5
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    His reply might have been something like this...... Occasionally there are instances when AMCs fall short of performing due diligence, but for the most part they are 99% effective and a necessary function. So put on your AMC cap and get some more work. :peace:
     
  3. GCJim

    GCJim Senior Member

    5
    Dec 11, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    Many more to come, I hope.
    (Damn, that is one snazzy uniform he gets to wear.......)
     
  4. Lee in L.A.

    Lee in L.A. Elite Member

    149
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Good for him. :icon_mrgreen:
     
  5. TEL2002

    TEL2002 Elite Member

    2
    Jan 16, 2002
    Professional Status:
    Retired Appraiser
    State:
    Louisiana
    Since he obviously became a wealthy man in the process, he should be required to fork over the cost of his stay. No reason the tax payers should foot this bill.

    30 years with Bubba. I'm sure he will come out of this ordeal a different man.
     
  6. rcsone

    rcsone Senior Member

    0
    May 26, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Oklahoma
    ...almost 15 or so years ago, I delivered an appraisal to these folks and was told that if I did not increase the amount, I would not do any more business with them........I shrugged and left..............but they were right, with the exception of VA after I was placed on the Panel, I never did any work for them to this day........and now I am the county assessor and he is a different locational assessor.........best to all . . . . rs
     
    Last edited: Jul 1, 2011
  7. Greg Parker

    Greg Parker Member

    0
    Mar 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Photoshop Mozillos head onto that pic, and you would have a classic example of an oompa loompa.
     
  8. Mile High Trout

    Mile High Trout Elite Member

    25
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Why is this case different than other ones?
     
    Last edited: Jul 1, 2011
  9. Elliott

    Elliott Elite Member

    59
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    "This month, Judge Brinkema handed down sentences for Mr. Farkas's co-conspirators in the scheme. Taylor Bean's former chief executive, Paul Allen, and former president, Raymond Bowman, received 40 months and 30 months in prison, respectively. Taylor Bean's former treasurer, Desiree Brown, received a six-year sentence, while Colonial Bank officials Catherine Kissick and Teresa Kelly received sentences of eight years and three months, respectively."
     
  10. 444nutman

    444nutman Senior Member

    24
    Jun 20, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I did exactly one appraisal for them. It was an FHA drive-by(second appraisal). The subject was located across a two lane street from a restaurant and auto repair business. The south side of the road had the rear of business that front a 6 lane highway. The OA never mentioned it and left out 2 sales in the prior year on the same street with the same views. Those sales and sales in the prior 5 years on that street show a negative effect on value for the view.
    They came back and asked me why I brought up the view when the first appraisal did not. I had pictures, county overheads and plat map which showed the view in the report. Never got another order from them.
     
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