A luxury vacation condominium in Fort Myers, Fla., sounds ideal at first -- until it leads to jail time.
Darryl Layne Woods, 48, of Columbia, Mo., pleaded guilty in federal court Monday to misleading federal investigators about the use of bailout money his bank received in 2009.
The former chairman and chief financial officer of Mainstreet Bank in Ashland, Mo. used $381,487 in Troubled Asset Relief Program funds to buy himself a luxury vacation condo in Southwest Florida in February 2009.
Woods was also the chairman, president, and majority shareholder of Calvert Financial Corp., the bank holding company for Mainstreet Bank.
In November 2008, Calvert Financial applied to receive TARP funds and was approved for $1,037,000 two months later.
The Office of the Special Inspector General for the Troubled Asset Relief Program requires all bailout recipients to report how they are using the funds. In his Feb. 10, 2009, response to SIGTARP, Woods failed to note his condo purchase.
"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 of Missouri, said.
Woods waived his right to a grand jury and pleaded guilty. Under the plea agreement with the government, he can no longer be involved in banking.
He can also be sentenced up to one year in federal prison without parole, be fined up to $100,000 and possibly be required to pay restitution. Sentencing has not been scheduled.