US businessman accused of $1bn fraud

The former boss of the now bankrupt US lender Taylor, Bean & Whitaker (TBW) has been charged with 16 counts of fraud, worth more than $1.9bn (£1.3bn).
Lee Farkas, who was chief executive and then chairman of TBW, was accused of trying to misappropriate money from banks and federal institutions.
The indictment also accused Mr Farkas and other unnamed conspirators of trying to obtain money from the Troubled Asset Relief Program (Tarp).
TBW ceased operating in August 2009.
Mr Farkas is charged with conspiracy, bank fraud, wire fraud and securities fraud.
TBW once oversaw some $30bn-worth of residential loans but filed for bankruptcy last August.

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