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Deloitte & Touche Sued for $7.6 Billion in Collapse of Lender Taylor Bean

Deloitte & Touche Sued for $7.6 Billion in Collapse of Lender Taylor Bean


It’s all of the banks. They did not accumulate wealth because they were honest. It’s all of them!

 Bloomberg-

Deloitte & Touche LLP, one of the so-called Big Four accounting firms, was sued for failing to detect a fraud that allegedly led to more than $7 billion in losses at defunct mortgage lender Taylor, Bean & Whitaker Mortgage Corp.

Deloitte, which audited Taylor Bean’s financial statements from 2002 to August 2009, ignored red flags in the company’s books, allowing the lender’s former chairman Lee Farkas to orchestrate a fraud that toppled the company, according to the complaints filed today in state court in Miami. Taylor Bean’s bankruptcy trustee, Neil Luria, and its Ocala Funding unit are seeking more than $7.6 billion in damages.

[BLOOMBERG]

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