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Ex-CEO settles lawsuit over Va. bank’s collapse

NORFOLK (AP) — Former Bank of the Commonwealth president and CEO Edward J. Woodard Jr. and federal regulators have settled a lawsuit stemming from the bank’s collapse.

As part of the settlement with the Securities and Exchange Commission, the 70-year-old Woodard agreed to not serve on the board of any company that trades securities. He won’t have to pay a civil penalty.

Woodard, his son, another bank executive and a developer were convicted in May 2013 on federal charges of conspiring to defraud the bank before it collapsed in 2011. Woodard is serving a 23-year sentence. He didn’t admit any wrongdoing in the civil settlement.

Woodard’s lawyer, Stanley Sacks, told The Virginian-Pilot that his client believes he did not violate any securities laws but he did not want to fight the lawsuit.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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