In November 2008, during the depths of the financial crisis, Darryl Layne Woods, a bank executive in Missouri, applied to the United States Treasury for bailout money. His bank received $1 million.
Just days later, Mr. Woods used $381,000 of that money to buy a waterfront condominium in Fort Myers, Fla.
On Tuesday, Mr. Woods, the former chairman of Mainstreet Bank in Ashland, Mo., pleaded guilty to criminal charges in Federal District Court in Jefferson City, Mo.
"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, the United States attorney for the Western District of Missouri.