Mortgage Exec Pleads “Guilty” To Billion-Dollar Fraud Conspiracy
The former president of Taylor Bean Whitaker Mortgage Corp. pleaded guilty of fraud conspiracy charges which resulted to billions of dollars in losses not only to his company, but also Colonial Bank.
Raymond Bowman, former president of what had been one of the biggest mortgage providers in the United States, has pleaded “guilty” to fraud conspiracy charges resulting to more than a billion dollars in losses not only to his company, but also other financial institutions.
Bowman, 45, entered a guilty plea before a federal court in Alexandria, Virginia on Monday over fraud conspiracy involving a billion dollar mortgage deals that led to the downfall of his company Taylor Bean Whitaker Mortgage Corp.
Bowman is set to receive his sentence on June 10 this year, and is expected to faces a maximum penalty of five years and fine of $500,000.
The Atlanta born executive was the third company official, and also the highest ranking, to plead guilty in the recent weeks on charges filed against them.
Based on obtained court documents, Bowman has acknowledged and admitted his role in the $1.9-billion fraud case that included attempting to deceive the federal bank bailout program.
Bowman said that he and other Taylor Bean and Colonial Bank executives conspired to defraud the latter from late 2003 to August 2009 to keep his company afloat – however, this resulted to the collapse of both companies.
Earlier, Taylor Bean's former treasurer Desiree Brown and Colonial Bank executive Catherine Kissick pleaded guilty to conspiracy to commit wire fraud, bank fraud and securities fraud.
Both executives are now facing 30 years in prison, a $250,000 fine and an order to pay restitution to more than 250 victims.
The collapse of Florida-based Colonial Bank is considered the sixth largest in U.S. history.