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.

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.

This story was originally published March 26, 2014 at 7:51 AM with the headline "Former Missouri bank president sentenced in fraud."