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Gay Mortgage CEO Lee Farkas Indicted in Billion-Dollar Fraud Scheme

Lee Farkas, the CEO of a major mortgage lender which failed last year, was indicted this week in a multi-billion dollar fraud scheme tied to the Wall Street bailout program and the failure last year of Colonial Bank, ABC News reports:

Farkas  "The total losses for the Federal Deposit Insurance Corp. that stemmed from fall of Colonial, one of the country's 50 largest banks in 2009, could exceed $3 billion, Washington officials said. Lee Farkas, chairman of Taylor, Bean and Whitaker Mortgage Corp., allegedly defrauded Colonial by selling it more than $1.5 billion in fake or fraudulent mortgage loans. Farkas was indicted in a 16-count indictment for overseeing a seven-year fraud that hid massive accounting losses at Taylor, Bean and Whitaker."

A Towleroad reader informs us that Farkas is gay and he and his partner Sean Murla owned a house in Key West for several years and were active in Equality Florida.

ABC News adds, "According to a detention memorandum filed in federal court in Florida, prosecutors uncovered an e-mail from July 2004 in which one unidentified co-conspirator wrote to Farkas about moving funds to hide their tracks and potential losses. 'You need to wire money into this account on the OD [overdraft] report. It does not look good to have a T&I [tax and insurance] account in the OD report.' Farkas wrote back, 'When I get an adjoining suite with martha stewart [sic], it will be worse. I never should have used that money in the first place.' Justice Department officials also alleged that Farkas and other uncharged conspirators used PIN messages in their BlackBerry's to circumvent company computer servers to carry out the fraud and avoid an electronic trail."

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Comments

  1. Looks rather dime a dozen gay sleazy "professional" ... does not surprise me.

    Posted by: Walter | Jun 17, 2010 10:10:32 AM


  2. I have friends that worked for Taylor Bean, one morning doors were locked and hundreds suddenly out of a job with no warning, sad.

    Posted by: davefromtampa | Jun 17, 2010 11:02:22 AM


  3. Just another sociopath and nothing more, who the hell cares who he sleeps with? He'll do fine in prison.

    Posted by: Dave | Jun 17, 2010 11:08:46 AM


  4. We have our gay Bernie Madoff, yay!

    Posted by: Brian in Texas | Jun 17, 2010 11:25:34 AM


  5. What a shame. I knew him in passing. Very generous guy but always so intense and jumpy. I thought it was coke but I guess it was this instead. LOL. Good luck to you brotha.

    Posted by: Jakey Wakey | Jun 17, 2010 1:51:53 PM


  6. They own a Cactus Car Wash together in Ocala, FL as well as the Marion Theatre.

    Posted by: Name | Jun 17, 2010 2:22:27 PM


  7. His boyfriend Sean who lives in Ft Lauderdale will be next in jail soon?

    Posted by: Sam | Jun 17, 2010 3:47:00 PM


  8. he also owns a couple bars in atlanta and fort lauderdale. this guy is a crook! lock him up!

    Posted by: Shawn | Jun 17, 2010 5:46:20 PM


  9. "good luck to you brotha"

    What kind of moral vacuum do you inhabit? Some people just give me the creeps...and you're one of 'em. Lotsa gay tom ripleys around.

    I hope this guy never sees the light of day again.

    Posted by: TANK | Jun 17, 2010 5:51:16 PM


  10. Bad Fag Bad. He will like prison.

    Posted by: Max E. Padd | Jun 17, 2010 6:18:36 PM


  11. why will gay men like prison? I've heard stories of gay men that were brutally raped so often that they got aids, other sti's, and torn rectums...

    Prison is worse for gay people than most straight people, in fact. Most prisoners in the u.s. are violently homophobic. Their sexuality is used to justify the sexual torture that they endure daily...rapes and beatings and killings...constant...no, he won't enjoy prison...I guarantee it.

    Posted by: TANK | Jun 17, 2010 6:31:07 PM


  12. and the constant violent rape, beatings and murder are tolerated and, in many cases, encouraged by violently homophobic prison staff...who in many cases, deserve to be housed their against their will themselves.

    Posted by: TANK | Jun 17, 2010 6:35:13 PM


  13. @ TANK
    Oh bohoo! He should have thought of that before weaving such a deceitful scheme.

    Posted by: SSCHIEFRSHA | Jun 17, 2010 7:04:54 PM


  14. Yes, so that justifies rape, murder and torture because you're gay...welcome to america.

    And I'm not feeling anything for this guy but contempt and disgust. he should go to prison for the rest of his life.

    Posted by: TANK | Jun 17, 2010 7:26:12 PM


  15. Ya'll are a bunch of uneducated and ignorant boneheads to comment in such a deragatory manner. What are ya'll like 12?

    Worry about your own beef. Lee will be just fine.

    We wish you the best Lee and Sean!

    Sincerely,

    KP.

    Old school TBW's

    Posted by: KP | Jun 17, 2010 8:59:16 PM


  16. get shot, kp. You venal, vile apologist.

    Posted by: TANK | Jun 17, 2010 9:22:22 PM


  17. Sean Mjurla is another scumbag, he deserves jail too!

    Posted by: Sam | Jun 18, 2010 2:46:34 AM


  18. I also heard his other partner Todd Barfield is being investigated. Lee and Todd owned Security One Valuation Services together

    Posted by: Earnest | Jun 18, 2010 9:03:51 AM


  19. It's gonna be a domino effect from now on....Sean Murla (used as his alter ego for Furkas's most recent businesses), Todd Barfield, then shutting down all his gay bars and clubs all over the country...

    Posted by: Gregg | Jun 18, 2010 9:40:14 AM


  20. met both Lee and Sean a year ago, they live very dangerously.I have to admit they scared me off.....

    Posted by: Brent | Jun 18, 2010 11:44:56 AM


  21. I heard Lee likes watching Sean being fucked by big hairy guys...can I replace Lee now that he is 'out of town'?!

    Posted by: Robert | Jun 18, 2010 12:05:31 PM


  22. The guy seems like a total scumbag but I'm completely with Tank regarding the homophobic/homohating comments re: prison. Absolutely disgusting!

    Posted by: Vlad | Jun 18, 2010 12:16:09 PM


  23. They also say Farkas may currently be engaged in dealings with an Atlanta-based mortgage company where he is "funneling assets" and suggest "there is a significant danger the defendant may engage in future criminal activity." His life partner Sean A. Murla is involved in these plans.

    Posted by: KYM | Jun 20, 2010 12:55:00 AM


  24. What are you talking about?! Gay men can't be raped. Unless its by a stronger woman maybe.

    Posted by: Marcus | Jun 23, 2010 2:44:13 PM


  25. ha ha, marcus. And you can't be bludgeoned to death with a metal pipe.

    Posted by: TANK | Jun 23, 2010 2:57:40 PM


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