Woodard sentenced

Published 10:15 pm Wednesday, November 6, 2013

Edward J. Woodard, 70, was sentenced in federal court Wednesday to 23 years in prison and ordered to pay $333.6 million in restitution to the Federal Deposit Insurance Corporation.

The sentence was for Woodard’s role in the collapse of the Bank of the Commonwealth. He was found guilty of conspiracy to commit bank fraud, false entry in a bank record, unlawful participation in loans, false statements to a financial institution, misapplication of bank funds and bank fraud.

Evidence presented at trial showed Woodard engaged in an illegal reciprocal relationship with certain troubled borrowers to mask the bank’s deteriorating financial condition, according to a release from the prosecutors.

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