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Bank president's son gets 8 years in prison for fraud
http://hamptonroads.com/2013/09/bank-presidents-son-gets-8-years-prison-fraudBank president's son gets 8 years in prison for fraud
By Tim McGlone
The Virginian-Pilot
© October 1, 2013
NORFOLK
Troy Brandon Woodard was sentenced Monday to eight years in federal prison for his role in a conspiracy that led to the collapse of Bank of the Commonwealth, an institution his father ran for nearly four decades.
Woodard, 37, told the judge of the "regret that I feel for the decisions that brought me here." It is, he said, "a bell I cannot unring."
Woodard worked as vice president of a bank subsidiary when he began to invest in real estate using bank loans. He also obtained ownership interest in bank branches.
He was convicted at trial earlier this year of conspiring to defraud the bank and three counts of unlawful participation in a loan. His father and a bank vice president also were convicted along with a bank loan customer.
