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US banking chairman pleads guilty to using bailout money to buy luxury home

Published:Wednesday | August 28, 2013 | 8:56 AM

A US bank chairman has pleaded guilty to using bailout money given to rescue his firm to buy himself a luxury home.

Darryl Woods used $381,000 of the $1 million given to his Mainstreet Bank to buy the Florida waterfront property.

Following the US housing collapse and financial crash, Mainstreet needed to be propped up with taxpayers' money.

US district attorney Tammy Dickinson said at a time when many Americans were losing their homes, he was siphoning off public funds.


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