The former CEO of what used to be one of the largest mortgage companies was convicted today of a $3 billion fraud, the Associated Press reports.

A federal jury in Alexandria, Va., found Lee Farkas, onetime chairman of Florida-based Taylor Bean & Whitaker, guilty on all 14 counts of bank, wire and securities fraud. He was taken into custody, pending sentencing July 1.

Prosecutors called it one of the largest bank frauds in U.S. history and one of the most significant convictions stemming from the recent financial crisis. The fraud contributed to the collapse of Alabama-based Colonial Bank, the sixth-largest failure in U.S. history.

Six others pleaded guilty and agreed to testify against Farkas.

The gang of suit-and-tie thieves tried to scam more than $500 million from the Troubled Assets Relief Program, the taxpayer-funded bank bailout.

Farkas, 58, took the stand during the two-week trial and proclaimed his innocence.

"I didn't believe at the time I committed any crimes, and I don't believe now that I committed any crimes," Farkas said.

Prosecutors disagreed, saying the evidence was overwhelming: