Catherine Kissick, a former bank executive for Colonial Bank, was sentenced to eight years in federal prison Friday for her role in the Taylor, Bean & Whitaker mortgage fraud scheme. The U.S. District Court for the Eastern District of Virginia confirmed Kissick, who was Colonial’s senior vice president and head of mortgage warehouse lending, received 96 months of jail time with restitution to be determined. In early March, Kissick pleaded guilty to one count of conspiracy to commit bank fraud, wire fraud and securities fraud in connection with the $2.9 billion scheme led by former TBW chief executive officer Lee Farkas. Ocala, Fla.-based TBW originated, sold and serviced mortgages in pools for Freddie Mac, relying on various purchase facilities or financing vehicles usually through Colonial Bank and Ocala Funding. Many of the mortgages didn’t exist, and previously foreclosed homes served as collateral along with nonexistent loan in some securities, according to court documents. “Although the defendant did not personally receive funds paid out by Colonial Bank to TBW as a result of the scheme to defraud, she knowingly and intentionally placed Colonial Bank and Colonial BancGroup at significant risk of incurring losses as a result of the scheme,” said a court filing from March. According to the document, more than $400 million in worthless assets were on Colonial’s books as if they actually had value. Kissick’s sentencing follows two earlier this month. Former TBW Treasurer Desiree Brown was sentenced to 72 months in prison alongside former TBW President Raymond Bowman, who received 30 months. Farkas is scheduled for sentencing at the end of June. Write to Christine Ricciardi.

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