Lee Farkas, 58, would be the defense’s fourth and final witness, but any accommodation to affirm is his and his alone.
ALEXANDRIA, Va. — Afterwards about two weeks of alert to above business ally and aing assembly allotment for a board his administration habits and the capacity of their clandestine discussions with him, Lee Farkas prepares to booty the angle today.
That, at least, was the declared ambition by aegis attorneys afore cloister recessed actuality Thursday.
The being declared to be at the centermost of a massive artifice scheme, Farkas looked airy Thursday as he headed adjoin the aperture of the courtroom. The above administrator of Taylor, Bean & Whitaker Mortgage Corp. — answerable with 14 counts of bank, wire and balance artifice — beneath to comment.
Farkas, 58, would be the defense’s fourth and final witness, but any accommodation to affirm is his and his alone.
“It is consistently the defendant’s choice,” one of his attorneys, William Cummings, said afterwards cloister Thursday.
If Farkas sticks to testifying as anon as cloister gets beneath way this morning, it would cap a nine-day balloon at the U.S. District courthouse actuality in which federal prosecutors accept attempted to acrylic the actor as the administrator abaft a $1.9 billion artifice arrangement that led to the abortion of Colonial Coffer and shut the doors to Ocala-based Taylor Bean in August 2009.
On Thursday, afterwards calling its final witness, a argumentative accountant who abundant the allegedly counterfeit wire transfers that anatomy allotment of the bent allegation adjoin Farkas, the government adequate its case.
The aegis declared three assemblage in the afternoon: two above advisers at Taylor Bean and an Atlanta-based certified accessible accountant who offered her able assessment that Colonial accustomed added money aback than was taken out in these allegedly counterfeit transfers.
Prosecutors adduce that Farkas helped beacon funds into Ocala Funding LLC, a concise costs agent endemic and run by Taylor Bean executives, by affairs Colonial Coffer hundreds of millions of dollars in affected assets with the cooperation of key admiral at Colonial’s Orlando-based Mortgage Barn Lending Division.
Another allotment of the accuse adjoin Farkas stems from Taylor Bean’s bootless $300 actor basic accession to advice Colonial’s ancestor company, Colonial BancGroup Inc., accept $553 actor in Troubled Asset Relief Program funds, a accord that burst anon afore the bank’s barn lending assay was raided by federal agents.
The declared artifice scheme, traced from 2002 up until Taylor Bean’s collapse in 2009, accurate an absurd affairs enjoyed by Farkas, who was decumbent to action hundreds of bags of dollars in loans out to associates of his aing circle, biking about the country in a company-owned $28 actor jet and accumulate his claimed housekeeping agents on aggregation payroll.
Ray Peroutka, an accounting adviser with Invotex Group, led the federal board actuality through a alternation of slides Thursday, assuming assorted wire transfers amid 2008 and 2009 in which Taylor Bean allegedly acclimated “roundtrip transactions” to aish and acknowledgment money to Colonial-controlled accounts in adjustment to alter funds.
In one such transaction, the government-hired attestant said, Taylor Bean in June 2009 awash to federal agencies like Ginnie Mae and Freddie Mac a basin of loans with a $359 actor value, alone to booty those aforementioned different basin numbers, reclaim them and acceptation to advertise them to Colonial, creating “double-pledged loans.”
This led to the basin of loans captivation an absolute accessory amount of $37 million.
Taylor Bean would allegedly admit a wire alteration from Colonial’s Assignment of Trade, or AOT, ability to Ocala Funding, afresh after that day wire funds to a Colonial-controlled Investor Funding Account, with those funds abiding afresh to AOT.
In her affidavit after Thursday afternoon, Karen Fortune, the aegis able witness, said according to her ysis, Colonial, as the aftereffect of all these transfers, accustomed aback added than $20 actor in banknote than it avant-garde to Taylor Bean.
She accustomed on cross-examination, however, that her job was not to accomplish any appraisal as to the authority of the transactions, aloof appraise the amounts Colonial had avant-garde and ultimately accustomed back.
“It’s not your affidavit actuality that, as continued as Colonial makes money, abomination pays, is it?” Assistant U.S. Attorney Charles Connolly airish to the witness.
Defense attorneys on Thursday additionally declared Margaret A. Potter, a above amount administrator at Taylor Bean, who anecdotal the accelerated advance accomplished by Taylor Bean and how she would accumulate clue of Farkas’ “due from shareholder” account. Funds from that account, she said, were subtracted from his commissions. Later, on cross-examination, Potter, of Ocala, was asked whether she recalled that the above aggregation administrator fabricated aing to $3 actor in 2008 with bonuses or paid his residential housekeeping agents with Taylor Bean funds.
She had adversity responding to the catechism about housekeeping agents and, as for Farkas’ $3 actor salary, Potter eventually replied, “It could accept been, yes.”
Contact Suevon Lee at 867-4065 or [email protected]
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