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Taylor Bean Chairman on Trial — Along With Colonial Bank and Auburn University
Posted on 4/4/11 at 9:37 pm
Posted on 4/4/11 at 9:37 pm
Walter Pavlo-Forbes
White-Collar Crime
Taylor Bean Chairman on Trial — Along With Colonial Bank and Auburn University
Apr. 4 2011 - 9:24 pm
By WALTER PAVLO
Today, the trial of the first big name from the financial meltdown will take place in a courtroom in Alexandria, VA as the case of the U.S. vs. Lee Farkas moves forward with opening statements.
Lee Farkas, the founder and former chairman of the now bankrupt Taylor, Bean & Whitaker Mortgage Corp. (TBW), is on trial for fraud associated with loans sold to Colonial Bank and other institutions. TBW was a huge feeder of packaged mortgages to Colonial Bank, which was seized by government banking regulators in August 2009 and their assets taken over by BB&T. It was the 6th largest bank to fail in the United States and the poster child of bad loans gone-bad in the state of Florida, where it was heavily invested. Farkas is accused of conspiring with members of his staff and employees at Colonial to sell $1.5 billion in bogus mortgages to the bank. Five people have pleaded guilty including the CEO, president and treasurer of TBW along with two executives at Colonial Bank. Farkas must be sweating it but there’s another interesting story involving Colonial Bank that is still developing.
Four months prior to the Colonial Bank closing, its chairman and CEO, Bobby Lowder, announced his retirement. Great timing. No charges have been filed against Lowder, yet. Lowder, who is on the Board of Trustees for Auburn University and graduate of Auburn, has seen his world crumble these past few years. Besides the bank he founded in 1981 going bust, he had appointed Milton McGregor (Auburn Alum and good friend), to the board of directors of Colonial. McGregor, whose name is more synonymous with being an athletic booster of Auburn football, also owns gambling establishments in Alabama that go under the name of VictoryLand. McGregor was arrested this past October on bribery and fraud charges along with 10 others related to buying votes on gaming laws in the state legislature. Also on the board of Colonial was Pat Dye, former Auburn football coach, who left the program in 1992 under the shadow of NCAA violations for alumni paying players of the team. In fact, there were a number of Auburn alums on the board or in officer positions at Colonial including CFO Sarah Moore, COO Patti Hill, James Rane III (of YellaWood fame), William Powell III (Alabama Cattlemen Assoc) and others. How much of a role, if any, each of these figures will play in the trial of TBW’s Farkas will be seen in the upcoming weeks.
So what did Auburn grad and Colonial Bank chairman Bobby Lowder do when the heat was on and he needed someone to take over his bank in 2009, prior to it going bust? He chose Lewis Beville as President and CEO. And at what fine institution did Mr. Beville matriculate? Not Auburn….try rival University of Alabama. And you thought these rivalries only played themselves out on the football field.
Alabama is not banking territory, it’s football territory. So the big story there is not the Farkas trial or the banking scandal unfolding, but the FBI and NCAA continued investigation of the Auburn football program related to payments possibly made to Auburn Tiger quarterback Cam Newton (Heisman Trophy winner). However, it probably doesn’t look good when your top player is suspected of taking payments when so many alums are affiliated with a now defunct bank.
As the ATBP have being saying for six months....the beginning of the end of House of Lowder. Farkas has been trying to make a deal for last three months. (Google it) They never offered him one.
LINK
White-Collar Crime
Taylor Bean Chairman on Trial — Along With Colonial Bank and Auburn University
Apr. 4 2011 - 9:24 pm
By WALTER PAVLO
Today, the trial of the first big name from the financial meltdown will take place in a courtroom in Alexandria, VA as the case of the U.S. vs. Lee Farkas moves forward with opening statements.
Lee Farkas, the founder and former chairman of the now bankrupt Taylor, Bean & Whitaker Mortgage Corp. (TBW), is on trial for fraud associated with loans sold to Colonial Bank and other institutions. TBW was a huge feeder of packaged mortgages to Colonial Bank, which was seized by government banking regulators in August 2009 and their assets taken over by BB&T. It was the 6th largest bank to fail in the United States and the poster child of bad loans gone-bad in the state of Florida, where it was heavily invested. Farkas is accused of conspiring with members of his staff and employees at Colonial to sell $1.5 billion in bogus mortgages to the bank. Five people have pleaded guilty including the CEO, president and treasurer of TBW along with two executives at Colonial Bank. Farkas must be sweating it but there’s another interesting story involving Colonial Bank that is still developing.
Four months prior to the Colonial Bank closing, its chairman and CEO, Bobby Lowder, announced his retirement. Great timing. No charges have been filed against Lowder, yet. Lowder, who is on the Board of Trustees for Auburn University and graduate of Auburn, has seen his world crumble these past few years. Besides the bank he founded in 1981 going bust, he had appointed Milton McGregor (Auburn Alum and good friend), to the board of directors of Colonial. McGregor, whose name is more synonymous with being an athletic booster of Auburn football, also owns gambling establishments in Alabama that go under the name of VictoryLand. McGregor was arrested this past October on bribery and fraud charges along with 10 others related to buying votes on gaming laws in the state legislature. Also on the board of Colonial was Pat Dye, former Auburn football coach, who left the program in 1992 under the shadow of NCAA violations for alumni paying players of the team. In fact, there were a number of Auburn alums on the board or in officer positions at Colonial including CFO Sarah Moore, COO Patti Hill, James Rane III (of YellaWood fame), William Powell III (Alabama Cattlemen Assoc) and others. How much of a role, if any, each of these figures will play in the trial of TBW’s Farkas will be seen in the upcoming weeks.
So what did Auburn grad and Colonial Bank chairman Bobby Lowder do when the heat was on and he needed someone to take over his bank in 2009, prior to it going bust? He chose Lewis Beville as President and CEO. And at what fine institution did Mr. Beville matriculate? Not Auburn….try rival University of Alabama. And you thought these rivalries only played themselves out on the football field.
Alabama is not banking territory, it’s football territory. So the big story there is not the Farkas trial or the banking scandal unfolding, but the FBI and NCAA continued investigation of the Auburn football program related to payments possibly made to Auburn Tiger quarterback Cam Newton (Heisman Trophy winner). However, it probably doesn’t look good when your top player is suspected of taking payments when so many alums are affiliated with a now defunct bank.
As the ATBP have being saying for six months....the beginning of the end of House of Lowder. Farkas has been trying to make a deal for last three months. (Google it) They never offered him one.
LINK
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Posted on 4/4/11 at 9:42 pm to TutHillTiger
Take this shite back to the cellar roach.
Posted on 4/4/11 at 9:43 pm to TutHillTiger
Posted on 4/4/11 at 9:45 pm to RockyMtnTigerWDE
Geaux to hell bitch. I hope you like high school football. I hear Briarcrest is going to be good next year.
Posted on 4/4/11 at 9:46 pm to RockyMtnTigerWDE
quote:
Take this shite back to the cellar roach.
Why so angry?
Just look the other way like coaches do on the plains... 
Posted on 4/4/11 at 9:46 pm to TutHillTiger
Btw that is his Title on the story not mine...
Posted on 4/4/11 at 9:49 pm to TutHillTiger
quote:
Geaux to hell bitch. I hope you like high school football. I hear Briarcrest is going to be good next year
GTFO this is just another blog story what exactly has happened in it to get excited about? The fact he mentioned the big story in Bama is Cam was paid by alums through Colonial Bank?
K keep dancing this has not brought anything new in my opinion.
Posted on 4/4/11 at 9:51 pm to TutHillTiger
keep it in the thread brokowski.
Posted on 4/4/11 at 9:54 pm to Ross
What new shite did that blog post point out?
Posted on 4/4/11 at 9:57 pm to ever43
Why this merited a thread is beyond me. TUTHILL over here has been crying wolf as if he knew shite since November about who the "bagman" was in various recruits lives. That's all fine and good, but keep it in the thread with the rest of the tards who don't know shite about anything and are staking all their hopes of anything happening on pure speculation that something substantial comes out of a trial that I'm banking amounts to nothing in terms of Auburn's football program.
In short, you guys can take your awesome little flow charts and super secret sources and have all the fun you want with them, but keep it in the designated thread away from people who don't want to have their time wasted, k?
In short, you guys can take your awesome little flow charts and super secret sources and have all the fun you want with them, but keep it in the designated thread away from people who don't want to have their time wasted, k?
Posted on 4/4/11 at 10:00 pm to Ross
quote:
but keep it in the designated thread away from people who don't want to have their time wasted, k?
Then I guess all AU threads except the ones about their spring "practice" should be in a hidden spot as well?
Posted on 4/4/11 at 10:04 pm to TutHillTiger
I need popcorn, Knob Creek, and tissues.
Posted on 4/4/11 at 10:13 pm to TutHillTiger
Oh man. This ain't gonna make them aubren fans happy.
So sad.
So sad.
Posted on 4/4/11 at 10:14 pm to md9897
quote:
Then I guess all AU threads except the ones about their spring "practice" should be in a hidden spot as well?
That was an excellent comeback post.
Posted on 4/4/11 at 10:19 pm to RockyMtnTigerWDE
I guess Pavlo would know, this is from another site.
In January 2001, in cooperation with the Federal Government, Mr. Pavlo pled guilty to wire fraud and money laundering and entered federal prison shortly thereafter. His story highlights the corrupt dealings involving the manipulation of financial records within a large corporation. His case appeared as a cover story in the June 10, 2002 issue of Forbes Magazine, just weeks before WorldCom divulged that it had over $7 billion in accounting irregularities.
In January 2001, in cooperation with the Federal Government, Mr. Pavlo pled guilty to wire fraud and money laundering and entered federal prison shortly thereafter. His story highlights the corrupt dealings involving the manipulation of financial records within a large corporation. His case appeared as a cover story in the June 10, 2002 issue of Forbes Magazine, just weeks before WorldCom divulged that it had over $7 billion in accounting irregularities.
Posted on 4/4/11 at 10:23 pm to RockyMtnTigerWDE
quote:
Walter Pavlo
White-Collar Crime
Wow..good job TUT find this relevant and timely piece on Forbes.com
About as legit as it gets.........must be true.
Posted on 4/4/11 at 10:25 pm to Crow Pie
This post has finally removed the scales from eyes. I have seen the light. Burn barn burn! 
Posted on 4/4/11 at 10:30 pm to TiggerWoods
Man, that was quick. Ya'll AU fans find dirt on writers at the speed of light.
Btw, I hear that the whole staff at the Washington Post is into octopus porn.
Btw, I hear that the whole staff at the Washington Post is into octopus porn.
Posted on 4/4/11 at 10:31 pm to NBamaAlum
Don't ever post a negative blog about auburn and use your real name. Go btt style.
Posted on 4/4/11 at 10:31 pm to NBamaAlum
See it is posts like these that made it easy to put you as one of my fav posters on the SECr.. 
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