Mug Shot Monday – 23 Years in Jail for 70-Year-Old CEO of Failed Bank


November 11, 2013

By Bob Coleman
Editor, Coleman Report

Still contending he was only helping out his customers and trying to keep his community bank alive, 70 year old Ed Woodard received a life prison sentence for his conviction of bank fraud.

The Virginian-Pilot’s Tim McGlone, writes, “Edward J. Woodard Jr. said he regrets some of his decisions as head of Bank of the Commonwealth but continued to maintain his innocence in a criminal conspiracy that now likely will cost him the rest of his life.

“A federal judge sentenced the 70-year-old longtime leader of the failed bank to 23 years in prison. Given Woodard’s myriad health problems and morbid obesity, his attorney called the penalty a life sentence.

McGlone quotes Woodard, “I dedicated 38 years of my life to the employees, customers and communities the Bank of the Commonwealth served.

“It is inconceivable to me that I would do anything on purpose to harm the bank. I sincerely regret the results of some of my decisions, but every decision I made was always in the best interest of the bank.

“The bank was part of my extended family. It was my life.”

The judge didn’t buy it.

He lectured Woodard telling him he was arrogant and indifferent as he ran “a continuing scheme of criminal conduct” and had shown no remorse.

Quotes McGlone from the judge, “The court does not believe yet that you understand you committed crimes. None of us would be in this courtroom today if you had simply done the right thing.”

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Read about the appeal process here.