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RICHMOND, Va., April 19 (UPI) -- Ex-Taylor, Bean & Whitaker Chairman Lee Bentley Farkas was guilty in Virginia Tuesday in a $2.9 1000000000 mortgage humbug plot that helped sink Colonial Bank.

Farkas was found guilty on digit count of band to commit bank, accommodate and securities fraud, sextet counts of slope fraud, quaternary counts of accommodate humbug and three counts of securities humbug mass a 10-day effort in U.S. District Court in Richmond. He is to be sentenced July 1.

Six other defendants hit pleaded guilty.

Farkas and the others geared in a plot from 2002 to 2009 that illegal more than $1.4 1000000000 from Colonial Bank's Mortgage Warehouse Lending Division in Orlando, Fla., and most $1.5 1000000000 from Ocala Funding, a mortgage lending facility controlled by TBW.

Before both companies collapsed, Taylor, Bean & Whitaker was digit of the maximal privately held mortgage lending companies in the land and Colonial was digit of the 25 maximal banks.

"Lee Farkas, the past chairman of TBW, masterminded digit of the maximal slope humbug schemes in history," Assistant Attorney General Lanny Breuer said in a release. "His shockingly brazen plot poured render on the fire of the financial crisis. It not only led to the downfall of TBW, digit of the maximal private mortgage lending companies in the United States, but also contributed to the unfortunate of digit of the country's maximal commercial banks.

"Mr. Farkas haw hit thought he could move nearly $3 1000000000 from investors and taxpayers and sail into the sunset. But now a commission has told him otherwise, and he staleness face the nonindulgent consequences."