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Leader of scheme that caused Bank of the Commonwealth collapse set for release

77-year-old Ed Woodard will soon be released from federal prison amid concerns over the coronavirus pandemic, serving less than a third of his 23-year sentence.
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NORFOLK, Va. — Court documents indicate the leader of a massive fraud scheme that contributed to the collapse of Bank of the Commonwealth nearly a decade ago will soon be released from federal prison amid concerns over the coronavirus pandemic. 

The Virginian-Pilot reports Ed Woodard, the 77-year-old former bank president, has served less than a third of a 23-year sentence he received in November 2013 for multiple bank fraud and related charges. 

Woodard was granted compassionate release last Friday by U.S. District Judge Raymond Jackson, who presided over Woodard’s 10-week trial and sentencing.

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