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Old 08-28-2013, 08:44 PM  
PunkinDrublic PunkinDrublic is offline
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Bank CEO admits to using bailout money to buy luxury condo in Florida

Feds: Bank chairman used bailout money to buy luxury condo

Isolde Raftery, NBC News Facebook
Share on Facebook Twitter LinkedIn GooglePlus Email Aug. 27, 2013 at 5:23 PM ET


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This Google Maps street view shows the condo building where bank chairman Darryl L. Woods bought a condo using TARP money. Woods pleaded guilty on Tuesday. A bank chairman from Missouri pleaded guilty on Tuesday to lying about how he used bailout money given to banks during the 2008 economic crisis. Rather than using the federal funds to stabilize his small bank, court records say, the chairman spent about a third of the money on an oceanfront condo in Florida.

Darryl Layne Woods, 48, of Columbia, Mo., could be sentenced up to a year in prison and may also have to pay a $100,000 fine. Lying to federal officials about how the money was spent is a misdemeanor crime.

Court records do not say whether Woods will be charged with misusing the money, which came from the Troubled Asset Relief Program, or TARP.


“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,” Tammy Dickinson, U.S. Attorney for the Western District, said in a statement. “These federal funds were intended to help stabilize 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.”

Court records say that Woods, the chairman of Mainstreet Bank in Ashland, Mo., had located the Fort Myers, Fla. condo and started negotiating on a price between July 2007 and Sept. 2008.

Several months later, in November 2008, the bank’s holding company, Calvert Financial Corporation, which Woods also headed, applied for TARP money. The bank received $1.04 million.

That winter, on Feb. 2, 2009, Woods closed on the condo, paying $381,500 that he had transferred from the bank.

One week later, when TARP administrators asked how he had spent the more than $1 million, he failed to disclose that he had bought a luxury condo for himself and other executives.

A sentencing date for Woods has not been scheduled.

Property records show that the 3-bedroom, 2-bath condo was sold in March 2013 for $408,000.
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Old 08-28-2013, 09:10 PM   #2
petegz28 petegz28 is offline
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And we know this guy was not the only one doing this shit. The entire bailout was nothing more than the fleecing of the Serfs
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Old 08-28-2013, 09:13 PM   #3
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Old 08-28-2013, 09:13 PM   #4
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Anyone know where to get a guillotine at a reasonable price?
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Old 08-28-2013, 09:16 PM   #5
Chocolate Hog Chocolate Hog is offline
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Old 08-28-2013, 09:17 PM   #6
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Anyone know where to get a guillotine at a reasonable price?
I think Killer Clown posted some article about Homeland Security having 10,000 of them. So I'd start there.
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Old 08-28-2013, 09:23 PM   #7
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Completely shocking information. Unexpected..
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Old 08-28-2013, 09:32 PM   #8
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Completely shocking information. Unexpected..
No doubt. When I read Columbia Mo I knew he was guilty
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Old 08-29-2013, 01:06 AM   #9
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Originally Posted by Dave Lane View Post
I think Killer Clown posted some article about Homeland Security having 10,000 of them. So I'd start there.
Link?
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Old 08-29-2013, 05:37 AM   #10
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I think Killer Clown posted some article about Homeland Security having 10,000 of them. So I'd start there.
That's one guillotine for every man, woman, and child in the US!
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yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.

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Old 08-29-2013, 07:33 AM   #11
BigCatDaddy BigCatDaddy is offline
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Up to one ****ing year? Seems light for stealing 400K.
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Old 08-29-2013, 08:22 AM   #12
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Up to one ****ing year? Seems light for stealing 400K.
And MAY have to pay $100,000 fine.

I'd spend a year in club fed for a $300,000 net profit.

It's ridiculous. Guy should be tarred and feathered, then put away for life, after ALL of his assets are taken.
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Old 08-29-2013, 08:34 AM   #13
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Chump change. Picking up nickles while they walk past stacks of 100 dollar bills. 400 g does not come close to the money taken through food stamp fraud in a month in columbia. Or what is stolen and misused at MU (or any other university) in a week.

Catching little fish. Trophys still swimmin.
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Old 08-29-2013, 09:02 AM   #14
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Old 08-29-2013, 09:16 AM   #15
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Yeah, when you give people free shit they don't tend to appreciate it.
But he DESERVES to make enough to live on, right?

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yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
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