A Missouri bank chairman pleaded guilty on Tuesday to lying about his use of federal bailout funds, according to NBC News.
Darryl Lane Woods of Colombia, Mo. spent over $1 million in bailout funds provided by the Troubled Asset Relief Program (TARP) in 2008. Woods began to use the money for personal expenses instead of helping his employer, Mainstreet Bank.
According to NBC:
Court records say that Woods [...] had located the Fort Myers, Fla. condo and started negotiating on a price between July 2007 and Sept. 2008.
That winter, on Feb. 2, 2009, Woods closed on the condo, paying $381,500 that he had transferred from the bank.
One week later, when TARP administrators asked how he had spent the more than $1 million, he failed to disclose that he had bought a luxury condo for himself and other executives.
Woods faces up to a year in prison and a $100,000 fine for the misdemeanor offense.