Closing arguments in BOC fraud trial

NORFOLK, Va.(WAVY) - "A house of cards," is just one description given by a prosecutor for the collapsed Bank of the Commonwealth.

A fraud trial involving the former bank is in its second month with closing arguments on Wednesday. She said it became "a community bank of criminal enterprise."

Bank executives and others are accused of a conspiracy to hide bad loans, misapply bank funds and involve themselves in sham transactions.

But an attorney for former bank president Ed Woodard called him "a good and decent man" and said that Woodard made that bank a success and gave money back to the bank to keep it afloat.

More closing arguments are expected Thursday with the case likely headed to the jury after that.




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