US lender Farkas faces jail for fraud
It is one of the biggest convictions to date relating to the financial crisis.
The former chairman of US mortgage lender, Taylor, Bean & Whitaker, faces a life sentence after being found guilty of organising a $3bn fraud.
Lee Farkas is accused of selling fake home loan assets after running up big losses at his firm.
The crime not only triggered his own company's collapse but also that of one of the country's big retail banks.
Michelle Fleury reports.
20 Apr 2011
- From the section Business