Former Missouri bank president sentenced in fraud

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

JEFFERSON CITY, Mo. (AP) — 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, Mo., was sentenced 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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

3 comments

  • Joe

    Why don’t these bankers ever go to jail? If I conned the bank out of $500, I would be spending many nights in a tiny cell. The prosecutor needs to find the courage to do the right thing and fight the tough battle that is certain to take place if the charges were severe. This is a slap on the face to the rest of us.

  • Chris

    Thank you Fox 4 for reporting this…no one else did. Well somebody obviously knew somebody…this needs to be looked into, who was the judge?…it screams corruption all the way!!!