Ex-CFO of Taylor, Bean, & Whitaker Faces Up to Ten Years Without PeiWei

The Department of Justice trumpeted the guilty plea of Delton de Armas, the former CFO of Taylor, Bean, & Whitaker Mortgage Corp. today, marking the 8th conviction in the TBW fraud case. Assistant Attorney General Lanny Breuer seemed pleased in the DOJ press release:

“As TBW’s chief financial officer, Mr. de Armas concealed a massive $1.5 billion deficit in TBW’s funding facility and another large deficit on TBW’s books,” said Assistant Attorney General Breuer. “He tried to conceal the gaping holes by falsifying financial statements and lying to investors as well as the government. Ultimately, Mr. de Armas’ criminal conduct, along with that of his co-conspirators, contributed to the collapse of TBW and Colonial Bank. With today’s guilty plea, Mr. de Armas joins seven other defendants—including the former chairman of TBW, Lee Bentley Farkas—who have been convicted of participating in this massive fraudulent scheme.” 

De Armas' sentence will be made known on June 15th and he faces up to ten years in prison. That's quite a stretch for anyone, although checking out de Armas' LinkedIn profile, we see that he keeps a blog, so it'll give him a chance to write but unfortunately, he'll probably miss the frustration that we all occasionally experience with Asian takeout:

Despite the technological snafu, de Armas is forgiving man and he appreciates the effort on PeiWei's part to make it up to him:

[via DOJ]
Delton de Armas [LinkedIn]
@delton70 [Twitter]

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