A federal grand jury has indicted the head of one of the larger privately held mortgage lending companies. The company once had an office in Florence.

Lee Bentley Farkos of Taylor , Bean and Whitaker Corporation is charged as a co-conspirator in a scheme to steal more than a half billion dollars from the $700 billon financial bailout.

He was arrested Tuesday night in Florida where his company was once based.

Federal officials say a special inspector general for the bailout fund uncovered the alleged conspiracy.