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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).
Mr Farkas is charged with conspiracy, bank fraud, wire fraud and securities fraud.
the fraud scheme contributed to the failures of Colonial Bank and TBW.
Officials estimate that Mr Farkas personally gained "at least $20m" from these activities but "it's ongoing".
It is believed that the co-conspirators are made up of "some at TBW and some at Colonial".