TBW closed down in August , leaving about 2, people unemployed. Ocala sputtered and filed for bankruptcy in , while Colonial shuttered on Aug. Farkas was tried and convicted on 14 counts of fraud and sentenced to 30 years in prison in The other TBW executives involved pleaded guilty and received sentences ranging from three months to eight years. When met with opposition from the prosecution, Brinkema said in her decision that she wasn't "at all concerned about the interests of justice not being served.
Farkas will need to quarantine for two weeks before being sent to live under his sister's custody in Albuquerque, N. Log In. Follow Us In Real Time twitter facebook linkedin.
The judge released Farkas based on his age and health condition. The judge said COVID running rampant through the prison system was a huge concern, therefore she felt it was best to release him. Prosecutors disagreed, but the judge said that Farkas is a non-violent criminal and that his health was a huge concern giving the circumstances. She allowed her phones to be tapped and had dozens of recorded conversations with Farkas.
Brown testified against Farkas at his trial in return for a lighter sentence — a year sentence reduced by 60 percent. In the end, she was sentenced to six years. Court documents show that Brown was a key player in the day-to-day aspects that made the majority of the fraud possible.
All rights reserved. Ocala Post Ocala Newspaper - News without hiding the truth. He is expected to go live with his sister in Albuquerque. They requested that at a minimum that he be confined to house arrest. But U. Prior to the Great Recession, Farkas was a high-roller, and a seeming anomaly in the housing finance business, given that his company was rooted in a sleepy little town in Central Florida. But around Ocala Farkas was also known for his philanthropic pursuits.
Farkas's lawyer, Bruce Rogow, said he was disappointed by the verdict and planned to appeal. He is due to be sentenced on 1 July. Ex-mortgage boss accused of fraud.
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