Paul Allen, former CEO of the failed mortgage lender Taylor, Bean & Whitaker, was sentenced to 40 months in prison for his role in a $2.9 billion fraud scheme orchestrated by his boss and TBW Chairman Lee Farkas.
TBW, based in Ocala, Fla., originated, serviced and sold mortgages in pools to Freddie Mac and relied on various purchase facilities, credit lines and other financing vehicles, usually with Colonial Bank and Ocala Funding.
Many of those mortgages didn't exist and previously foreclosed homes and nonexistent loans served as collateral in some securities, according to court documents. The Special Inspector General of the Troubled Asset Relief Program discovered the fraud when Farkas filed a false application with TARP officials on behalf of Colonial for a $553 million bailout in 2009.
Allen pleaded guilty in April to one count of making false statements and one count of conspiring to commit bank and wire fraud. Allen worked out of his home in Oakton, Va., and led Ocala Funding.
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