In November 2008, during the depths of the financial crisis, Darryl Layne Woods, a bank executive in Missouri, applied to the United States Treasury for bailout money. His bank received $1 million.
Just days later, Mr. Woods used $381,000 of that money to buy a waterfront condominium in Fort Myers, Fla.
On Tuesday, Mr. Woods, the former chairman of Mainstreet Bank in Ashland, Mo., pleaded guilty to criminal charges in Federal District Court in Jefferson City.
“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,†said Tammy Dickinson, the United States attorney for the Western District of Missouri.
The investigation was led by the special inspector general for the Troubled Asset Relief Program, or Sigtarp. The office, now headed by Christy Romero, has policed the use of the bailout money since the fund was established, and has been responsible for criminal cases filed against more than
