Convicted Bank Fraudster Could Get 385-Year Sentence

Prosecutors in the case against Lee Farkas, who was convicted of leading a $2.9 billion scheme that wrecked Taylor, Bean & Whitaker Mortgage Corp., have asked the judge in the case to sentence Farkas to at least 50-years in prison, adding that the maximum sentence for his crime is 385 years.

Farkas was convicted in April of 14 counts of conspiracy, bank, securities and wire fraud. As Reuters points out:

Prosecutors said in a court filing on Thursday that the statutory maximum was 385 years and they urged District Judge Leonie Brinkema to sentence him to at least 50 years to ensure that Farkas spends the rest of his life in prison.

“The nature, duration, and scope of Farkas’s criminal acts warrant maximum punishment for maximum deterrence,” they said. Sentencing is scheduled for Thursday.

The fraud began in 2002 and ran until TBW filed for bankruptcy in August 2009. The mortgage giant’s collapse was a major contributing factor to the implosion of one of the largest U.S. regional banks, Colonial Bank.

Farkas’ lawyer called the proposed life sentence “a waste of taxpayer dollars.” A “substantial sentence is scary enough,” he said.

U.S. wants ex-mortgage boss to get life in prison [Reuters]

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  1. Thassodar says:

    Just in time for the release of the Elixir of Youth! Should be a spring chicken by the time he gets out!

  2. ebonythunder - Don't worry, I'm from the Internet. says:

    “Farkas’ lawyer called the proposed life sentence “a waste of taxpayer dollars.””

    This rich guy stole BILLIONS of dollars and doesn’t deserve jailtime while some 18 year old kid with a joint in his pocket during a traffic stop gets 20 years? You make me sick.

  3. Hi_Hello says:

    We need to start creating new ideas to punish people.
    I say, take some organs. When he dies, take the rest of his organs. While he’s still alive and in jail, drain his blood once a week or something.

    And send him to work in the farms.

  4. IT-Princess: I work in IT, you owe me $1 says:

    Good he deserves it.

    Meanwhile I would like to post bail for jailed kitten.

    • Sanspants says:

      Unfortunately, he was jailed in Taiwan for a negative review of Frisky’s Party Mix on his blog.

    • catastrophegirl chooses not to fly says:

      you could if you really wanted to. sometimes people sponsor adoption fees for kittens so they will be more easily adopted.
      madrid is soooo sweet and playful.

    • JulesNoctambule says:

      I understand that little kitten is up for adoption this weekend!

      • IT-Princess: I work in IT, you owe me $1 says:

        Aw I didn’t know that! I totally would if I didn’t already have a 9 month old, 2 year old, and a 9 year old cat.

  5. Nigerian prince looking for business partner says:

    Don’t most of the posters here oppose sending non-violent offenders to prison?

  6. Happy Tinfoil Cat says:

    If he gets 50, a “life sentence”, “for maximum deterrence” then the judge might as well throw the book at him and give him the full 385 years. The 385 is psychologically more deterring than 50, as well as more likely to be in headlines, publicizing the massive penalty. The only downside is another criminal might rationalize “I’m only stealing ONE billion so I’ll only get 99 years if caught.”

  7. Max Headroom says:

    Wasn’t Farkas the bully in Christmas Story?

  8. Voluntas filiorum neminem curant? says:

    Solution:

    String him up like a piñata. Allow everyone he defrauded to take a single whack at him. If he survives, he goes free. If not, no big whoop.

    I’d like to see this sort of punishment used in all cases. Saves taxpayer money and delivers immediate justice.

  9. mike says:

    My original mortgage was through them…I always wondered what happened…

    I guess now I know.

    • mcs328 says:

      My mortgage was with TBW too. I think about 2-3 years after my mortgage was sold I got a letter from them. It had my address and account number but reading through it had the wrong house and amount. They had reused my account number and sent me the deed to somebody else’s home.

  10. kajillion123 says:

    Let this be a lesson to you: If you steal from the rich, you will share a jail cell with this dude and Bernie Madoff.

  11. JennyCupcakes misses her grandson says:

    I would like to nominate Catastrophegirl for the best kitteh-picture-taker this side of the Mississip’.

    • The Porkchop Express says:

      I didn’t notice the credit and was wondering why she had named a stranger’s kitteh.

    • catastrophegirl chooses not to fly says:

      actually i didn’t take that one. i think my sister did? we have sooooo many kittens right now that everyone is snapping pics left and right and then we just pool them all and share them with people. because who doesn’t like kitten pictures?
      i’m looking at their updated pictures right this minute to add them to the petfinder adoption website. madrid is turning more siamese shaped every day!
      http://www.flickr.com/photos/catastrophegirl/5866021184
      he’ll be in ‘kitty jail’ all weekend at the adoption event unless he gets adopted so there may be more ‘kitty jail’ pictures for the pool soon!

  12. parabellum2000 says:

    I can tell you that this guy ruined many people’s lives. He defrauded countless people out of their life savings. His fraud put 300 people out of work at the peak of a bad economy. My home town was devastated by this man and I hope he get a life sentence and has to serve every day in general population of a maximum security prison.

  13. TasteyCat says:

    So is he paying for his 385 years in prison, or am I?

    Greedy people pretty much get what they deserve. I could make do with a measly $1 billion. No need to keep going. Take the cash and flee to a country with no extradition treaties, such as Russia.

    • kajillion123 says:

      “Greedy people pretty much get what they deserve.”

      Lol, no they don’t. Anyone who has been paying attention to the news for the past 3 years(hell, 3000 years) can see that the people most responsible for our problems get bailed out and jerks like this guy and Madoff are made scapegoats so us plebes can feel like there is justice in the world -there isn’t.

  14. OnePumpChump says:

    Whew,good, got the bad guys. Glad that’s over!

  15. jessa says:

    300 employees try 2000+. I being one of them I hope he rots in jail and I agree with a few of the ideas posted before…punishment. In 1 day all of a sudden losing your job and being denied any type of compensation while a group of people stole billions is ridiculous. But such is life…