Federal regulators and former president and CEO of the Bank of the Commonwealth, Edward J. Woodard Jr., have settled a lawsuit that originated from the bank’s downfall. Woodard, 70, agreed to not serve on the board of any company that trades securities as a part of the settlement with the Securities and Exchange Commission. In May of 2013, both Woodard and his son, as well as another bank executive and a developer were convicted on federal charges of conspiring to defraud the back before it collapsed in 2011. Woodard is now serving a 23-year sentence and did not admit to any wrongdoing in the civil settlement. His lawyer claims he believes he hadn’t violated any securities laws but didn’t want to fight the lawsuit.
