Jailed Va. Bank CEO Avoids Civil Penalty In SEC Settlement

Law360, New York (February 27, 2014, 1:54 PM EST) -- After paying hundreds of millions in restitution last year, imprisoned former Bank of the Commonwealth President and CEO Edward J. Woodard Jr. will avoid any civil penalty as part of a settlement to end a U.S. Securities and Exchange Commission lawsuit over the bank's collapse, according to documents filed Monday in a Virginia federal court.

Woodard, who was sentenced to 23 years and ordered to pay $330 million in restitution in November for his convictions on conspiracy, bank fraud and related financial crimes, agreed never to...
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