This is highly misleading.posted by Rhaomi at 2:28 PM on June 25, 2011 [3 favorites]
Lee B. Farkas was the "mastermind", not the CEO. The CEO also cooperated with the government against Farkas.
Farkas is expected to get LIFE IN PRISON.
sources - http://www.nytimes.com/2011/04/22/business/22norris.html
http://www.loansafe.org/former-taylor-bean-whitaker-ceo-sentenced-to-40-months-prison-for-fraud
EDIT - Oh, and according to his plea agreement the CEO has to forfeit everything he gained from the fraud. The feds are also seeking 30.7million from Farkas.
sources - http://www.justice.gov/criminal/vns/docs/2011/apr/04-04-11allen-plea.pdf
http://blogs.wsj.com/bankruptcy/2011/06/01/feds-seek-30-7-million-from-farkas/?mod=google_news_blog
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posted by dirtylittlecity at 11:23 AM on June 25, 2011 [12 favorites]