CEO sentenced in Bank of the Commonwealth fraud trial

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Associated Press

Posted on May 24, 2013 at 12:19 PM

Updated Thursday, Nov 7 at 10:28 AM

UPDATE 11/6:  According to the Virginia Pilot, a federal judge sentenced former Bank of the Commonwealth President and CEO Edward J. Woodard Jr. to 23 years in prison Wednesday.

NORFOLK -- A federal jury has convicted 3 former Bank of the Commonwealth executives and a developer accused of conspiring to defraud the bank out of $71 million.

 The bank collapsed in September 2011.

The Virginian Pilot reports fomer president and CEO Edward Woodard, Jr. was found guilty on 11 counts including conspiracy to commit bank fraud.

Former vice president Stephen G. Fields, mortgage specialis T. Brandon Woodward ad developer Dwight Etheridge were found guilty of various charges. The Pilot says former vice president Simon Hounslow was found not guilty on all counts.

They're due to be sentenced in September.

 

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