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March 26, 2014

Former Missouri bank president sentenced in fraud

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.

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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