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Fraud Friday II – Verdict Just In — Bank of Commonwealth Execs Guilty of Fraud after Two Month Trial

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May 24, 2013

By Bob Coleman
Editor, Coleman Report

EdwardWoodardGuilty verdicts were reached this morning for four of the five defendants in the Norfolk, Virginia, Bank of Commonwealth fraud trial.

From Channel 10, Norfolk;

“The jury found former CEO Edward Woodard, Jr. guilty of conspiracy to commit bank fraud, bank fraud, false entry in a bank record, unlawful participation in a loan and false statement to a financial institution. His son Brandon was found guilty of conspiracy to commit bank fraud and unlawful participation in a loan.

“Stephen Fields was found guilty of conspiracy to commit bank fraud, false entry in a bank record, false statement to a financial institution and misapplication of bank funds.

“Borrower Dwight Etheridge was found guilty of conspiracy to commit bank fraud, misapplication of bank funds and false statement to a financial institution.

“Simon Hounslow was the only defendant found not guilty.

“Prosecutors claimed the defendants turned the Bank of the Commonwealth into a criminal enterprise costing the bank $71 million.”

Check out the video here.

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