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Prosecutors: (Va) Bank president deserves 30 years
http://hamptonroads.com/2013/10/prosecutors-bank-president-deserves-30-years
Prosecutors: Bank president deserves 30 years
By Tim McGlone
The Virginian-Pilot
© November 1, 2013
NORFOLK
Federal prosecutors next week will seek the maximum penalty of 30 years in prison for convicted ex-Bank of the Commonwealth President and CEO Edward J. Woodard Jr., according to a court filing.
~snip~
Woodard, who oversaw the bank for 30 years, was convicted of using illegal practices to mask the true nature of the bank's losses and conspiring with certain customers, called "friends of the bank," to do favors for him to shield bad loans.
Prosecutors say Woodard should be held accountable not only for $80 million in losses that stem from the conspiracy but also for the $333 million lost to the Federal Deposit Insurance Corp. from the bank's failure.
Woodard will become the seventh defendant in the bank investigation sent to prison. His son, T. Brandon Woodard, a bank mortgage officer, and Stephen Fields, a bank vice president, were the most recent to be incarcerated.
unhappycamper comment: It would be nice if the DOJ actually prosecuted those who caused the 2008~2099 financial meltdown.