Former Missouri bank president sentenced in fraud
03/26/2014 7:51 AM
03/26/2014 7:52 AM
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, was Tuesday for a misdemeanor of making a false writing.
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.
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