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$7.6 Billion Lawsuits Filed Against Deloitte

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Two lawsuits have been filed on behalf of the bankruptcy trustee of Taylor Bean & Whitaker, a fraudulent mortgage firm, and by Ocala Funding LLC., who purchased hundreds of millions of dollars in mortgages from Taylor Bean in an effort by the trustee to recover money for Taylor Bean creditors.

The lawsuits were filed in Miami-Dade Circuit Court, and allege that Deloitte & Touche LLP., should pay &7.6 billion in damages for failing to detect massive fraud at Taylor Bean, after years of audits.

An Attorney representing the plaintiffs said that Deloitte “certainly did not do their job,” and, “This is one of those cases where the red flags are staring you in the face, and you’ve got to do a lot, and they did not.”

Deloitte spokesman Jonathan Gandal said “The bizarre notion that his engines of theft are entitled to complain of injury from their own crimes and to sue the outside auditors they lied to defies common sense, not to mention the law,” on behalf of Deloitte, CBS News reported.

One of the lawsuits allege that “Deloitte missed this fraud because it simply accepted management’s conflicting, incomplete and often last-minute explanations of highly-questionable transactions, even though those explanations made no sense and were flatly contradicted by documents in Deloitte’s possession.”

Deloitte quit as Taylor Bean’s auditor just as federal investigations started in 2009.

breakinglawsuitnews.com disclaimer: This article: $7.6 Billion Lawsuits Filed Against Deloitte was posted on Tuesday, September 27th, 2011 at 7:00 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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