ORLANDO, Fla. – An employee at troubled Taylor, Bean & Whitaker Mortgage Corp. was charged last week with stealing more than $1.6 million from the company by depositing the funds into accounts he controlled at Navy FCU.
Victor Cedeno, a loss mitigation negotiator in the loan resolution management department at the company, which filed for bankruptcy last month, allegedly deposited checks made out to Taylor, Bean & Whitaker into this account from July 17, 2008, until as recently as Aug. 10 of this year, according to a criminal complaint filed by the U.S. Attorney’s office.
The scheme allegedly began July 16, 2008, when Cedeno opened an account at Navy Fed’s branch in Winter Park under the name, "Tailor Bean W." The name "Tailor Whitaker" was listed as primary account holder. A total of 58 checks worth $1.6 million were allegedly funneled into the "Tailor Bean W." account.
Prosecutors said Cedeno transferred $227,782 out of the Tailor Bean W. account into a personal account at Navy Fed on three separate instances between March and June of this year.
Cedeno worked for the Ocala-based company from January 2008 until he was fired on Aug. 13, 2009. He was responsible for resolving short sale losses for the mortgage company. He came into direct contact with realtors, investors and lenders, according to a court affidavit.
At no time was Cedeno authorized to "cash, deposit, or negotiate any checks intended for Taylor, Bean Whitaker," according to the complaint, but somehow came into possession of checks made payable to the company.
A branch manager at Navy Fed became suspicious of the transactions after noticing that a check made payable to Taylor, Bean & Whitaker was different than the name on the depository account, "Tailor Bean W," according to the court records. A senior investigator at the credit union contacted the U.S. Secret Service on Aug. 12.
Cedeno allegedly managed to commit the bank fraud by approving home sales at 90% of the mortgaged value of properties, while Taylor Bean believed he was approving sales at 80% of the mortgaged value.
Cedeno was still being sought last week.
