1-Ex-Colonial Bank Exec Gets 8 Years in TBW Fraud

By Jeremy Pelofsky

A former bank executive who served as the go-between during a seven-year, $2.9 billion fraud scheme at Taylor, Bean & Whitaker Mortgage Corp was sentenced on Friday to eight years in federal prison.

Catherine Kissick, 50, who headed Colonial Bank’s mortgage warehouse lending division, pleaded guilty in March to one count of conspiracy to commit bank, securities and wire fraud. She also testified against TBW former chairman Lee Farkas.

She received the longest prison sentence so far related to the TBW investigation, though Farkas, who was convicted on 14 counts for the fraud at the mortgage firm he built, is due to be sentenced on June 27.

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