Bank Chairman Guilty for Misused Bailout Money

Posted by Warren Krech on August 27, 2013

He bought a condo with his bank’s bailout money. That’s what a Columbia man told a federal judge Monday.

Darryl Woods, 48, pleaded guilty to misleading federal investigators about his use of TARP funds. Woods was the chairman of Mainstreet Bank in Ashland in 2009 when it got just over $1 million in bailout cash. Prosecutors say he spent about $382,000 of that money on a luxury condo in Florida.

Woods now faces up to one year in prison and a $100,000 fine, along with an order of restitution.

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