Banker blows bailout money on posh condo
August 29 , 2013
A former bank executive pleaded guilty on blowing bailout money in order to buy himself a waterfront condo.
Darryl Layne Woods bought the condo in Florida using $381,000 out of the $1M given to Mainstreet Bank where he used to be chairman at the time.
A U.S. attorney expressed his sentiments about the incident by mentioning many other Americans who were losing their homes in 2009 when this man used public funds to buy a luxury condo.
His punishment will include a $100,000 fine with a year in prison at the maximum and at the very least he won't be allowed to work in the banking industry in the future.
When he was asked about the spending of funds by a TARP investigator, he tried to cover up his crime.
"We are a small central Missouri community bank and while I would like to be able to provide you with very specific and quantitative responses we are currently operating under the assumption that the worst scenario could occur and the TARP proceeds will provide vitality needed infusions to a bleeding patient."