Bank CEO Admits To Using Bailout Money To Buy A Luxury Condo In Florida
Darryl Layne Woods, the former CEO of a Missouri bank, admitted in court yesterday to using financial crisis bailout funds to purchase a luxury waterfront condo in Florida, Dealbook's Peter Lattman reports.
In November 2008, Woods, 48, who was the head of Mainstreet Bank and the bank's holding company Calvert Financial Corporation, applied for TARP money on behalf of his bank, a press release states.
In January 2009, his bank received $1,037,000. A month later, he used $381,487 of it to buy a place in Fort Myers, Florida.
He pleaded guilty to misleading federal investigators about how he used the TARP money.
Woods is no longer allowed to work in the banking industry, according to the release. He also faces a sentence of up to one year in federal prison without parole and a fine of up to $100,000 plus restitution.
Read more: http://www.businessinsider.com/bank-ceo-buys-condo-with-tarp-money-2013-8
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