Sentencing Held For 2 Fla. Execs Involved In $3B Fraud

ALEXANDRIA, Va. (CBS4) – Two executives at what was the nation’s largest private mortgage lender will be sentenced for their roles in a $3 billion fraud that contributed to the sixth-largest bank collapse in U.S. history.

Prosecutors at federal court in Alexandria are seeking prison terms of eight and five years, respectively, for Desiree Brown and Raymond Bowman. Brown was treasurer of the Ocala-based Taylor Bean & Whitaker; Bowman was president.

Taylor Bean cheated three banks out of nearly $3 billion, leading to the collapse of Alabama-based Colonial Bank, and tried to get more than $500 million from the government’s Troubled Assets Relief Program.

Brown and Bowman are the first of seven executives to be sentenced. Officials say it is the biggest criminal case to come out of the nation’s financial crisis.

(© 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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