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Ex-bank CEO sentenced to 23 years in fraud case

Wednesday - 11/6/2013, 2:38pm  ET

NORFOLK, Va. (AP) -- Former Bank of the Commonwealth president and CEO Edward J. Woodard Jr. has been sentenced to 23 years in federal prison

The Virginian-Pilot (http://bit.ly/1iN6rNq) reports the 70-year-old Woodard was sentenced Wednesday in federal court in Norfolk on charges of conspiring to defraud the bank and related counts.

A jury convicted Woodard and three others in May. They were accused of conspiring to defraud the bank out of $71 million before its collapse in 2011.

Federal prosecutors are seeking nearly $400 million in forfeitures and restitution from Woodard. Woodard's wife, Sharon Woodard, contends that some of these assets are hers.

Her attorney, David B. Smith, says he hopes the issue will be resolved out of court before a hearing set for Dec. 19.

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Information from: The Virginian-Pilot, http://pilotonline.com


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