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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, Mo.
Bank Executive Admits to Using Bailout Money to Buy Condo
From SIGTARP’s inception through July 11, 2013, the agency and its law enforcement partners were responsible for:
Criminal charges filed against 144 individuals, including 92 senior officers
Criminal convictions of 107 individuals, of whom 51 have been sentenced to prison (others are awaiting sentencing)
Civil charges filed against 58 individuals, including 44 corporate or senior officers, and 47 companies
Orders temporarily or permanently banning 37 individuals from working in the banking or financial industry, working as a contractor with the Federal Government, or working as a licensed attorney
Orders of restitution and forfeiture and civil judgments entered for $4.3 billion. This includes restitution orders entered for $3.8 billion, forfeiture orders entered for $215 million, and civil judgments and other orders entered for $282 million. SIGTARP has already assisted in the recovery of $161.9 million in assets
Saving $553 million in taxpayer money by preventing TARP funds from going to the now-failed Colonial Bank
Although the majority of SIGTARP’s investigative activity remains confidential, below is a summary of individual cases in which there have been significant public developments.
Taylor, Bean & Whitaker Mortgage Corporation and Colonial Bancgroup
United Commercial Bank / UCBH Holdings, Inc.
Bank of America
False Claims Act Lawsuits
First Community Bank
Bank of the Commonwealth
American Mortgage Specialists Inc.
Oxford Collection Agency
The Park Avenue Bank
Omni National Bank
Galleria USA, Inc.
Galleria USA, Inc.
Financial Fraud Enforcement Task Force’s Distressed Homeowner Initiative
21st Century Real Estate Investment Corp.
Alan David Tikal / KATN Trust
Timelender et al.
Waikele Properties Corporation
Mount Vernon Money Center
Joseph D. Wheliss, Jr.
Brian W. Cutright
New Point Financial Services, Inc.
Online Mortgage Modification Scams Advertised on Google, Yahoo!, and Bing
The Shmuckler Group, LLC
Home Owners Protection Economics, Inc.
Lori J. Macakanja
Flahive Law Corporation
United Law Group
Compliance Audit Solutions, Inc.
American Home Recovery
Nations Housing Modification Center
Freedom Companies Marketing
Residential Relief Foundation, LLC / Silver Lining Services
Improper Use of “MakingHomeAffordable.gov”
Legacy Home Loans and Real Estate
CSFA Home Solutions
ProTrust Management, Inc.