Darryl Layne Woods, the chairman of Columbia, Mo.-based Mainstreet Bank, pleaded guilty on Monday to using bailout funds from the Troubled Asset Relief Program to purchase a luxury condominium in 2009, U.S. Attorney Tammy Dickinson announced in a press release.
In January 2009, the bank received a cash infusion of more than $1 million from the federal government, the press release stated. Less than a month later, Woods spent more than $381,000 of those funds to purchase a seaside condo in Ft. Myers, Fla.