Mortgage Exec Lee Farkas Sentenced to 30 Years
A federal judge in Virginia sentenced former mortgage executive Lee Farkas to 30 years in prison today, and ordered him to $38.5 million. He was convicted of a fraud scheme involving $2 billion.
The government, aiming to send a message to the financial industry, asked Judge Brinkema to impose the maximum 385-year sentence on Mr. Farkas. As an alternative, the government recommended a penalty of at least 50 years to ensure he will “spend the remainder of his life in prison.”
Farkas was convicted of 14 counts of securities, bank and wire fraud and conspiracy to commit fraud after a ten day trial in which he testified in his own defense. What did his co-conspirators get? Those who pleaded guilty and cooperated got between 3 months and 8 years.
I'm surprised they didn't also ask the judge to chop off his hands.
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