A former Missouri bank executive pleaded guilty on Monday to misleading the government over the use of federal bailout funds to purchase a Florida vacation home, the Wall Street Journal reported today. Federal prosecutors said that Darryl Layne Woods, former chairman and majority shareholder of Calvert Financial Corp., admitted that he spent $381,487 on a luxury condominium in Fort Myers, Fla., just days after the bank received $1.04 million in emergency rescue funds through the $700 billion Troubled Asset Relief Program, according to a statement released yesterday by the special inspector general for TARP. When asked by federal watchdogs how the bank used the taxpayer dollars, he failed to disclose the condo purchase.
