Former CFO of Taylor, Bean and Whitaker Mortgage Corp. Delton deArmas was sentenced to 60 months in prison today for his role in a$2.9 billion scheme, one of the largest bank frauds in the country.De Armas concealed billions of dollars in losses from financialinstitutions as CFO of one of the country's largest privatemortgage companies.


Between 2005 and 2009, de Armas and his co-conspirators misleadinvestors in a lending facility called Ocala Funding, concealingthere were inadequate assets backing it. The fraud scheme resultedin the failure of TBW and Colonial Bank. In March, de Armas pleadedguilty to one count of conspiracy to commit bank and wire fraud andone count of making false statements. For full story.

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