Lee Farkas, the former chairman of failed mortgage lender Taylor, Bean & Whitaker, was sentenced to 30 years in prison and forced to forfeit $38.5 million Thursday for orchestrating a $2.9 billion fraud scheme over the last decade.
The U.S. District Court for the Eastern District of Virginia convicted Farkas of 14 counts of bank, wire and securities fraud in April. But the sentencing was a fraction of the 385 years requested by the Justice Department.
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