NORFOLK, Va. (WAVY) - The son of the Bank of the Commonwealth's CEO was sentenced Monday for his role in a scheme to commit bank fraud.
U.S. District Judge Raymond A. Jackson sentenced 37-year-old Troy Brandon Woodard to eight years in prison, followed by five years of supervised release, according to Deanna Warren with the U.S. Attorney's Office for the Eastern District of Virginia.
After a ten-week trial, Woodard was found guilty in May of charges of conspiracy to commit bank fraud and three counts of unlawful participation in a loan. On Monday, the court also ordered him to pay $1.4 million in restitution to the Federal Deposit Insurance Corporation and forfeit $4 million in proceeds from the scheme.
Evidence during the trial proved Woodard urged his father, former Bank of the Commonwealth CEO Edward J. Woodard, to ask for favors from two of the bank's largest borrowers in exchange for special treatment at the bank. The two borrowers were given fraudulent loans from the bank in order to bail out Brandon Woodard's failed investment properties and buy his personal condo.
Warren said evidence proved that in 2010, one of the borrowers, Eric H. Menden, gave a brown paper bag containing thousands of dollars in cash to Brandon Woodard and later wrote him a check for thousands.
Evidence further demonstrated that Edward Woodard provided money and preferential treatment to his son to the detriment of the Bank. For more details from the trial, click here .
State officials say construction on a new Bonner Bridge has been delayed for years because of a legal battle with an environmental group.
The Coast Guard transported two people off Hatteras Island early Thursday morning following the sudden closure of the Herbert C. Bonner Bridge Tuesday.
The North Carolina Department of Transportation says dredging beneath the Herbert C. Bonner Bridge will likely begin Friday afternoon.