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.

Related

Sections

Case Information

Case Title

Related  Case: 


Case Number

2:12-cr-00105

Court

Virginia Eastern

Nature of Suit

Date Filed

July 11, 2012

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.