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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Case Information

Case Title

United States Securities and Exchange Commission v. Woodard et al

Case Number



Virginia Eastern

Nature of Suit



Mark S. Davis

Date Filed

January 9, 2013

Government Agencies

UK Financial Services

UK Financial Services

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