Forbes: Taylor Bean Chairman on Trial — Along With Colonial Bank and Auburn University
Auburn just can’t get out of the headlines with allegations of cheating and trustees facing all kinds of legal troubles. Forbes provides some of the KEY details: “Four months prior to the Colonial Bank closing, its chairman and CEO, Bobby Lowder, announced his retirement. Great timing. No charges have been filed against Lowder, yet. Lowder, who is on the Board of Trustees for Auburn University and graduate of Auburn, has seen his world crumble these past few years. Besides the bank he founded in 1981 going bust, he had appointed Milton McGregor (Auburn Alum and good friend), to the board of directors of Colonial. McGregor, whose name is more synonymous with being an athletic booster of Auburn football, also owns gambling establishments in Alabama that go under the name of VictoryLand. McGregor was arrested this past October on bribery and fraud charges along with 10 others related to buying votes on gaming laws in the state legislature. Also on the board of Colonial was Pat Dye, former Auburn football coach, who left the program in 1992 under the shadow of NCAA violations for alumni paying players of the team. In fact, there were a number of Auburn alums on the board or in officer positions at Colonial including CFO Sarah Moore, COO Patti Hill, James Rane III (of YellaWood fame), William Powell III (Alabama Cattlemen Assoc) and others. How much of a role, if any, each of these figures will play in the trial of TBW’s Farkas will be seen in the upcoming weeks.”
Interesting stuff. You should click the link and read more of the Forbes article. If any of those names play a role in the case of U.S. vs. Lee Farkas, then it could be an interesting trial to watch.