Banker Admits to Using Bailout Funds for Condo
JEFFERSON CITY - The chairman of a central Missouri bank has admitted using more than $381,000 in federal bailout money to buy a luxury condominium in Florida.
The U.S. Attorney's office says 48-year-old Darryl Layne Woods, of Columbia, pleaded guilty Monday to misleading federal investigators about his use of Troubled Asset Relief Program funds.
Woods was chairman and chief financial officer of Mainstreet Bank in Ashland. He also headed the bank's holding company, Calvert Financial Corp.
Federal prosecutors said Calvert Financial applied for and received slightly more than $1 million in TARP funds in early 2009.
Within days, investigators said, Woods used about $381,500 of the money to buy a waterfront condo in Fort Myers, Fla., for use by himself and other bank executives.
A sentencing date for Woods will be scheduled later.