Bank CEO Banned From Industry For Using Bailout Money To Buy A Condo
Woods has been issued with a Consent Order of Prohibition related to his use of Troubled Asset Relief (TARP) funds, the Federal Reserve said in a release. He agreed to that consent order.
What a Consent Order of Prohibition means is that Woods is barred from working in the banking sector moving forward.
This is separate from the criminal charges he has faced.
Last August, Woods, 48, pleaded guilty to misleading federal investigators of how he used TARP funds his bank received.
Woods was the head of Mainstreet Bank and the bank's holding company Calvert Financial Corporation when he applied for TARP funds in November 2008. In January 2009, his bank received $1,037,000 in bailout funds. The following month, he used $381,487 of that money to buy a waterfront condo in Fort Meyers, Florida.
He won't serve federal prison time for using tax dollars to buy a condo, though. Last month, he was sentenced 8 months in a halfway house followed by four months house arrest and one year of supervised probation for the Class A Misdemeanor charge, ABC 17 reported.
He sold the condo in 2013, ABC17 reported.
Here's a shot of the condo building:
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Nainital bucket list: 9 experiences you can't miss in 2024
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market