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In the latest aftershock from the 2008 financial crisis, former Taylor, Bean & Whitaker chairman Lee Farkas’ bid to have his fraud conviction overturned was denied by a federal appeals court. That’s according to multiple reports.
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In a unanimous decision, a three-judge panel found that Farkas failed to show that his sentence was “inadequate or ineffective” under federal habeas corpus law.
Farkas was sentenced in 2011 to 30 years in prison and ordered to forfeit $38.5 million as part of a more than $2.9 billion fraud scheme that led to the collapse of the mortgage lending firm.
