Another Firm Bites The Dust In $2..9 Bil Fla. Mortgage Scam

Shortly after a federal appeals court upheld the 30-year prison sentence given to Lee Farkas, the former CEO of Taylor, Bean & Whitaker, another company involved in the scandal has filed for bankruptcy. Reuters reported that Ocala Funding, which was formed to buy mortgage loans from TB&W and sell them to third parties, filed for Chapter 11 protection in Jacksonville, Fla. TB&W and another company, Colonial Bank, had already folded because of their involvement in a $2.9 billion bank fraud. Reuters indicated there may be even more intrigue left to the case: Ocala also asked court permission to seek for documents that could lead to more illegal fund transfers worth millions.

Another Firm Bites The Dust In $2..9 Bil Fla. Mortgage Scam

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