From one of many sites bringing this to our attention:
In November 2008, [Darryl Lane] Woods, 48, who was the head of [Columbia, MO] Mainstreet Bank and the bank's holding company Calvert Financial Corporation, applied for TARP money on behalf of his bank, a press release states. In January 2009, his bank received $1,037,000. A month later, he used $381,487 of it to buy a place in Fort Myers, Florida. He pleaded guilty to misleading federal investigators about how he used the TARP money.
Woods is no longer allowed to work in the banking industry, according to the release. He also faces a sentence of up to one year in federal prison without parole and a fine of up to $100,000 plus restitution.
You'll notice he was not charged with theft or fraud. He was charged with making a false statement. I can't begin to explain how someone who steals $381,487 only get charged with making a false statement.
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4 days ago