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FBI Significant Corporate Fraud Cases – Colonial Bank and Taylor, Bean & Whitaker

Colonial Bank and Taylor, Bean & Whitaker (Washington, D.C.): Another notable success was the sentencing of multiple executives from Colonial Bank and Taylor, Bean & Whitaker (TBW). The Washington Field Office investigated a subprime-related conspiracy committed by senior executives at Colonial Bank and TBW, a major U.S. mortgage originator, who conducted a several-billion-dollar accounting fraud through back-dating of loans and the creation of fictitious loans which inflated loan asset values. Additionally, Colonial Bank fraudulently sought to acquire $553 million in TARP funds, which was prevented by the FBI in conjunction with the SIGTARP. In August 2009, TBW closed after it could no longer issue government-backed loans. In August 2009, the Alabama State Banking Department closed Colonial Bank due to liquidity problems. The failure of Colonial Bank represents the sixth- largest bank failure since the creation of the Federal Deposit Insurance Corporation (FDIC). Colonial Bank’s former senior vice president, Cathy Kissick, and TBW chief executive officer Paul Allen pled guilty and, in June 2011, were sentenced to eight years and 40 months in prison, respectively. In April 2011, after a 10-day trial, a jury found former TBW chairman Lee Farkas guilty on 14 counts of bank fraud, wire fraud, and securities fraud. Farkas was later sentenced to 30 years’ imprisonment.

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