A former Ashland bank chairman was sentenced in federal court Tuesday after pleading guilty to using public funds to purchase a luxury vacation condo.
48-year-old Darryl Woods, President and CEO of Mainstreet Bank in Ashland was sentenced to 8 months in Reality Halfway House in Columbia, followed by 4 months of house arrest, and one year of supervised probation.
Woods used $381,000 in bank bailout funds to purchase a vacation condo in Fort Myers, Florida.
The funds Woods used were intended to help stabilize the economy during a fiscal crisis.
Federal prosecutors said Woods took advantage of the situation and lied to federal investigators in an attempt to hide his scheme.
Woods was charged with making a false writing, a Class A Misdemeanor.
Woods was also the chairman, president, and majority shareholder of Calvert Financial
Corporation (CFC), which is the bank holding company for Mainstreet Bank.
The U.S. government through prosecutors wanted to give Woods a one-year prison sentence, but the judge cited his community service to Ashland, noting his help with the football team and Chamber of Commerce.
Woods will have to pay back $96,977 in restitution for losses to CFC, as well as a $10,000 fine that Woods can pay back over two years. The judge allowed Woods to work while under house arrest to begin paying the fines. As part of his plea deal, Woods cannot work in the banking industry.
Woods sold the condo in March 2013.
(Edit: An earlier version of this story said the court issued a $100,000 fine. Instead, the court issued a $10,000 fine.)