Banker Blew $381K in Bailout Cash on Posh Condo

Pleads guilty, will face a year in prison—at most
By Ruth Brown,  Newser Staff
Suggested by Ghille
Posted Aug 28, 2013 10:02 AM CDT

(Newser) – Your daily blood boil: A former bank executive has pleaded guilty to using bailout money to buy a waterfront condo. In 2009, Darryl Layne Woods bought the luxury digs with some $381,000 of the $1 million given to Mainstreet Bank in Ashland, Mo., where he was the chairman at the time, the New York Times reports. "At a time when many other Americans were losing their homes, he was siphoning off public funds to buy a luxury vacation condo in Florida," says a US attorney. His punishment? At most, a year in federal prison and a $100,000 fine, reports the Huffington Post.

According to prosecutors, Woods also tried to cover his crime up. Per the Times, when a TARP investigator asked him to account for how the money had been spent, he sent a letter saying: "We are a small central Missouri community bank and while I would like to be able to provide you with very specific and quantitative responses we are currently operating under the assumption that the worst scenario could occur and the TARP proceeds will provide vitally needed infusions to a bleeding patient." Woods has not yet received his sentence, but at the very least, he will be banned from working in the banking industry again. (Read more Wall Street bailout stories.)

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