Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Deloitte settles claims tied to mortgage lender collapse

Tammy Whitehouse | February 28, 2018

Deloitte & Touche has agreed to pay $149.5 million to settle claims with the U.S. Department of Justice over its audit work at Taylor, Bean & Whitaker, a mortgage lender that went up in smoke in the financial crisis.

Deloitte was TBW’s independent auditor from 2002 through 2008, until the Federal Bureau of Investigation raided its headquarters in 2009 and the company ceased operations. Federal authorities have described a long-running $2.9 billion fraud scheme at TBW and Colonial Bank, which was audited by PwC, to conceal massive losses in mortgage loans. PwC is facing separate action in a suit brought by the Federal Deposit Insurance Corp., which backed Colonial when it failed.

The Justice...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.