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Wednesday, April 7, 2010 as of 11:14 AM ET

Colonial BancGroup

    Colonial BancGroup Inc. was a $26 billion bank holding company headquartered in Montgomery, Alabama, USA.

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    Get updates on Colonial BancGroup
    Former TBW execs get prison time for fraud

    By Jeremy PelofskyAlexandria, Virginia (Reuters) - Two former senior Taylor, Bean & Whitaker Mortgage Corp executives were sentenced on Friday to several years in prison for their roles in a multi-billion dollar fraud that took down the big lender.

    The fraud ran more than seven years until August 2009 when TBW collapsed after the U.S. housing market imploded, taking Colonial BancGroup Inc's Colonial Bank with it and putting hundreds of people at the firm out of work.The Obama administration elicited guilty pleas from six senior executives. TBW's former chairman, Lee Farkas, was convicted in April on 14 counts of bank, securities and wire fraud as well as conspiracy.It is one of the few cases in which prosecutors have been able to penetrate the executive suites of a major firm in the wake of the 2008 global financial crisis. Most prosecutions have involved lower-level employees or much smaller firms.U.S. District Judge Leonie Brinkema sentenced TBW's former president Raymond Bowman to 30...

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    1. TBW Exec Admits Role in $1.9 Billion Fraud

      The Department of Justice announced Desiree Brown, a former treasurer at Taylor, Bean & Whitake Mortgage, has pled guilty to taking part in a $1.9 billion fraud that...

    2. FDIC Says Colonial Bankruptcy Plan 'Premature' Ahead of Appeal

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