This story appeared in Bank Digest.
The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced on Aug. 27, 2013, that Darryl Layne Woods, of Columbia, Mo., former chairman and chief financial officer of Mainstreet Bank in Ashland, Mo., pleaded guilty in federal court on Aug. 26, 2013, to misleading federal investigators about the use of $381,000 in TARP bank bailout funds to purchase a luxury condominium in Fort Myers, Fla. Under the terms of the plea agreement, Woods must desist from any further involvement in banking and may not serve as an officer, director, employee, or affiliated party of any financial institution or agency. In addition, under federal statutes, Woods is subject to a sentence of up to one year in federal prison without parole, plus a fine up to $100,000, and an order of restitution. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.