Former Colonial Bank Senior Vice President Sentenced to 8 Years in Prison for Fraud Scheme

WASHINGTON, DC – June 20, 2011 – (RealEstateRama) — A former senior vice president and head of Colonial Bank’s Mortgage Warehouse Lending Division was sentenced today to eight years in prison for her role in a more than $2.9 billion fraud scheme that contributed to the failures of Colonial Bank and Taylor, Bean & Whitaker (TBW). Colonial Bank was one of the 25 largest banks in the United States and TBW was one of the largest privately-held mortgage lending companies in the United States in 2009.