An executive convicted of orchestrating a $3 billion fraud as chairman of one of America's largest private mortgage companies was sentenced Thursday to 30 years in prison. Federal prosecutors in northern Virginia had sought a life sentence for Lee Farkas, former chairman of Florida-based Taylor Bean & Whitaker.
They called the case against him one of the most significant arising from the nation's financial meltdown. A federal jury in Alexandria convicted Farkas in April of all 14 counts, including securities fraud and conspiracy.