Former bank executive admits using TARP funds to buy luxury condo

Mainstreet Bank's holding company, Calvert Financial, received more than $1 million in funds through the Treasury Department's TARP plan in January 2009.

Woods, who played a key role at Calvert, admitted on Monday that $381,487 of the TARP funds were used to purchase the condo on Feb. 2, 2009.

"At a time when many other Americans were losing their homes, he was siphoning off public funds to buy a luxury vacation condo in Florida," said Tammy Dickinson, U.S. attorney for the Western District of Missouri. 

Woods waived his right to a grand jury and pleaded guilty before U.S. Magistrate Judge Matt Whitworth to a federal information that charges him with making a false writing. 

Under the terms of his plea agreement, Woods cannot be involved in the banking industry.