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Taylor Bean, AstraZeneca, Blackstone, Rambus in Court News

Paul Allen, the former CEO of Taylor, Bean & Whitaker Mortgage Corp., was sentenced to 3 1 / 2 years in prison by a federal court in Virginia for his role in a scheme of $ 3 billion fraud.

Allen, 55, yesterday became the sixth person sent to prison by District Judge Leonie Brinkema for participating in a fraud that fooled some of the largest U.S. financial institutions. The project also targeted the program of the Federal rescue and contributed to the failure of Montgomery, Alabama-based Colonial Bank and its parent company, Colonial BancGroup Inc.

Prosecutors asked Brinkema to sentence Allen to six years in prison. Allen pleaded guilty in April to one count of conspiracy to commit bank fraud and wire and one count of false statements.

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