Desiree Brown, Raymond Bowman to be sentenced in mortgage fraud case
ALEXANDRIA, Va. (AP) - The treasurer of what was the nation's largest private mortgage lender has been sentenced to six years in prison for her role in a $3 billion fraud that contributed to the sixth-largest bank collapse in U.S. history.
Desiree Brown, who was treasurer of Florida-based Taylor Bean & Whitaker was sentenced Friday in federal court in Alexandria.
The former president of the company, Raymond Bowman, also received a 2 ½ year sentence for his role in the scheme.
Prosecutors had sought a prison term of eight years for Brown, and five years for Bowman.
Taylor Bean cheated three banks out of nearly $3 billion, leading to the collapse of Alabama-based Colonial Bank, and tried to get more than $500 million from the government's Troubled Assets Relief Program.