A Missouri banker has pleaded guilty to charges he illegally diverted $381,000 in federal bank bailout money to purchase a condo in sunny Florida in 2009. Darryl Layne Woods, 48, of Columbia, waived his right to a grand jury and pleaded guilty before U.S. Magistrate Judge Matt J. Whitworth to a federal information that charges him with making a false writing. Woods was the chairman and chief financial officer of Mainstreet Bank in Ashland, Mo. He was also the chairman, president and majority shareholder of Calvert Financial Corporation, the bank holding company for Mainstreet Bank.

And for diverting the money – Woods faces forced restitution and a year in prison.

Read more here