Former bank president sentenced in fraud
Wed, 26 Mar 2014 14:24:29 GMT —
The former chairman of a mid-Missouri bank was sentenced to two years of probation for using federal bailout money to buy a luxury condominium in Florida.
Darryl Layne Woods, former chairman of the Mainstreet Bank, based in Ashland, pleaded guilty in August to misleading federal investigators.
Prosecutors say he spent $381,000 of the bank's bailout money to buy the condominium in Fort Myers, Fla. Woods will serve eight months in a halfway home, followed by four months of home detention and a year on supervised probation. He also must pay about $97,000 in restitution and a $10,000 fine.
The Columbia Daily Tribune reports Woods used money from the Troubled Asset Relief Program, or TARP, which was intended to help banks during the recession.