tsai3904
08-27-2013, 01:39 PM
Tammy Dickinson, United States Attorney for the Western District of Missouri, announced that a Columbia, Mo., bank chairman pleaded guilty in federal court today to misleading federal investigators about his use of $381,000 in bank bailout funds to purchase a luxury condominium in Fort Myers, Fla.
“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,” Dickinson said. “These federal funds were intended to help stablilize the economy during a fiscal crisis. Instead, this disgraced business leader took advantage of the situation to benefit himself and other bank executives, then lied to federal investigators in an attempt to hide his scheme.”
Darryl Layne Woods, 48, of Columbia, waived his right to a grand jury and pleaded guilty before U.S. Magistrate Judge Matt J. Whitworth to a federal information that charges him with making a false writing.
...
The U.S. Department of Treasury approved the request for TARP funds, and in January 2009 Calvert Financial received $1,037,000 through the TARP Capital Purchase Program.
Woods admitted today that he used $381,487 of the TARP funds to purchase the luxury condominium on Feb. 2, 2009.
The bank received TARP funds on January 23 and he closed his purchase on February 2.
More:
http://www.justice.gov/usao/mow/news2013/woods.ple.html
“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,” Dickinson said. “These federal funds were intended to help stablilize the economy during a fiscal crisis. Instead, this disgraced business leader took advantage of the situation to benefit himself and other bank executives, then lied to federal investigators in an attempt to hide his scheme.”
Darryl Layne Woods, 48, of Columbia, waived his right to a grand jury and pleaded guilty before U.S. Magistrate Judge Matt J. Whitworth to a federal information that charges him with making a false writing.
...
The U.S. Department of Treasury approved the request for TARP funds, and in January 2009 Calvert Financial received $1,037,000 through the TARP Capital Purchase Program.
Woods admitted today that he used $381,487 of the TARP funds to purchase the luxury condominium on Feb. 2, 2009.
The bank received TARP funds on January 23 and he closed his purchase on February 2.
More:
http://www.justice.gov/usao/mow/news2013/woods.ple.html