Jury Convicts Bank Of Commonwealth Insiders In $71M Fraud

Law360, New York (May 24, 2013, 3:27 PM EDT) -- A Virginia federal jury Friday convicted former Bank of the Commonwealth CEO Edward Woodard and three others for their roles in a scheme that hid the now defunct bank's troubled assets, all but closing a case that defrauded the government of $71 million and led to the bank's 2011 failure.

The conviction follows nearly a week of jury deliberations in a multiweek trial of four of the bank's top managers and a “favored” bank customer. Four of the men, including Woodward, were found guilty of fraud...
To view the full article, register now.