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Fri Apr 6, 2012, 05:13 PM

Former Franklin Bank executives charged with fraud

WASHINGTON (Reuters) - The government charged two former executives of Franklin Bank Corp, a Houston-based lender founded by a mortgage bond pioneer, with a fraudulent scheme to conceal how badly the bank was doing during the height of the financial crisis.

The U.S. Securities and Exchange Commission on Friday said former Franklin chief executive Anthony Nocella and the bank's former chief financial officer, J. Russell McCann, inflated the bank's reported earnings and tried to conceal its loan quality during the second half of 2007.

Franklin Bank eventually filed for bankruptcy in November 2008.

Well, it's a start...............

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