Former exec at Taylor Bean to enter guilty plea

By the Associated Press | March 14, 2012 | 2:55 PM EDT

ALEXANDRIA, Va. (AP) — A former executive at a now-bankrupt mortgage company is expected to plead guilty to federal charges as part of a $3 billion fraud scheme.

Docket listings at the federal court in Alexandria show Delton de Armas is expected to enter a guilty plea at a hearing on Tuesday. He is the former chief financial officer at Florida-based Taylor Bean and Whitaker.

Seven executives at Taylor Bean and Alabama-based Colonial Bank, including Taylor Bean's owner Lee Farkas, were convicted in a massive mortgage fraud scheme that led to the collapse of both.

The U.S. Attorney's Office in Alexandria declined comment and court records do not list an attorney for de Armas, who couldn't be reached for comment.