Former CFO of Taylor, Bean and Whitaker Mortgage Corp. Delton de Armas was sentenced to 60 months in prison today for his role in a $2.9 billion scheme, one of the largest bank frauds in the country. De Armas concealed billions of dollars in losses from financial institutions as CFO of one of the country's largest private mortgage companies.

Between 2005 and 2009, de Armas and his co-conspirators mislead investors in a lending facility called Ocala Funding, concealing there were inadequate assets backing it. The fraud scheme resulted in the failure of TBW and Colonial Bank. In March, de Armas pleaded guilty to one count of conspiracy to commit bank and wire fraud and one count of making false statements. For full story.