WOW. big deal. One of the most blatantly criminal players in the whole subprime catastrophe did a whole lot of his dirty dealing right here in the fraud capital of the world, Floriduh…
So why am I not cheering one one bit for this following announcement? Because the announcement admits to tens of millions of dollars worth of fraud and the maximum penalty is 5 years on each count. The deal has undoubtedly been cut on this deal, and the criminals won’t do anywhere near the time they should….Yawn….
According to court documents, Bowman admitted that from 2003 through August 2009, he and his co-conspirators, including former TBW chairman Lee Farkas, engaged in a scheme to defraud various entities and individuals, including Colonial Bank, a federally-insured bank; Colonial BancGroup Inc.; and the investing public. Bowman admitted that he knowingly and intentionally participated in a fraud scheme that caused Colonial Bank and Colonial BancGroup to purchase tens of millions of dollars of worthless assets, caused Colonial BancGroup to report false information in its financial statements, and artificially inflated the value of TBW’s mortgage servicing rights.
