American Greed: Scams, Scoundrels and Scandals Season 3 Episode 1 The Bonnie and Clyde of Mortgage Fraud

In season 3, episode 1 of American Greed: Scams, Scoundrels and Scandals, viewers are introduced to the infamous duo who were termed the 'Bonnie and Clyde' of mortgage fraud. The episode showcases the story of Lee Farkas and Teresa Kelly, who carried out one of the largest mortgage frauds in US history.

Lee Farkas was the owner of Taylor, Bean & Whitaker Mortgage Corp, which was once a successful mortgage lender. However, things began to go south when Farkas started pressurizing his employees to falsify data and create fraudulent loan documents. To cover up his tracks, he even created fake loans and sold them to Colonial Bank, leading to the bank's eventual downfall.

Teresa Kelly worked as a senior executive at Colonial Bank. With Farkas' help, she was able to manipulate the bank's system and approve his fake loans. Kelly would then sell these loans for a profit, which she later used to fund her lavish lifestyle.

As the fraud continued, Farkas and Kelly became more confident. They even started to flaunt their wealth in public, with Farkas buying a private jet and Kelly purchasing expensive jewelry. However, their luxurious lifestyle came to an abrupt end when the FBI caught wind of their scheme and started investigating.

The investigation eventually led to the downfall of Taylor, Bean & Whitaker and Colonial Bank. Farkas was sentenced to 30 years in prison for mortgage fraud and other related charges. Kelly, on the other hand, received a lighter sentence and was released from prison in 2018.

Throughout the episode, viewers are given an in-depth look at the events that led up to the downfall of Farkas and Kelly. Interviews with key players in the story, including former employees of Taylor, Bean & Whitaker and FBI agents, provide insight into what went on behind the scenes. Additionally, the show also highlights the impact that mortgage fraud can have on the economy and the people who were affected by Farkas and Kelly's actions.

Overall, season 3, episode 1 of American Greed: Scams, Scoundrels and Scandals is a fascinating look into a real-life example of white-collar crime. Viewers are given an inside look at the mindset of fraudsters and the devastating consequences of their actions.