Ex-Bank of the Commonwealth CEO to be released from prison

Ed Woodard, 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, according to court documents.

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

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

Woodard’s age and many health problems — which include heart disease, diabetes and morbid obesity — leave him particularly vulnerable to the virus, the judge wrote.

Before he can be released, Woodard must complete a twoweek quarantine at Fort Dix — the federal prison in New Jersey where he’s been housed the past several years. Once out, he will be required to spend five years on home confinement.

Woodard is just the latest highprofile defendant to be granted early release from federal prison amid virus concerns. Locally, the list includes former Norfolk City Treasurer Anthony Burfoot, former state Del. Ron Villanueva and two-time congressional candidate Shaun Brown.

Nationally, there’s President Trump’s former campaign manager, Paul Manafort, and personal lawyer, Michael Cohen.

Woodard repeatedly has asked the courts to overturn his conviction or otherwise reduce his punishment, which many have described as a death sentence in light of his advanced age and poor health.

In February 2019, after years of denying wrongdoing, he went so far as to confess to perpetrating the fraud in the hopes of forcing a new trial and maybe securing a shorter sentence. The gamble didn’t work.

Last August, he began asking for a compassionate release after he suffered a series of heart attacks. He later asked for it due to the threat the coronavirus posed. The federal Bureau of Prisons denied them all, noting he hadn’t served at least half of his sentence — as is typically required.

Prosecutors also strongly objected to his release in a 30-page court document. They argued that while there have been numerous positive coronavirus tests at the medium security Fort Dix camp, there haven’t been any in the low-security area where Woodard is housed. The medium security section also hasn’t had any since May 6.

“Defendant fails to demonstrate how granting compassionate release and releasing him to home confinement will significantly reduce his likelihood of contracting COVID-19,” the prosecutors wrote. “The (low security facility at) Fort Dix currently has no confirmed cases of COVID-19, meanwhile the City of Norfolk and its surrounding counties have over 2,600 confirmed cases and counting.”

The facility employs 33 fulltime medical professionals and is at about half capacity now — making social distancing much easier, they wrote.

Prosecutors also argued that Woodard’s failure to “sincerely” accept responsibility for his crimes, or express any remorse, should require him to spend more time in prison.

“An early release from custody will create a significant sentencing disparity between him and his co-defendants, not to mention send a distressing message to the public about deterrence and punishment,” they wrote.

Two other bank officials were found guilty in the conspiracy, including Woodard’s son, Brandon.

The younger Woodard got eight years and is set to be released in August from a halfway house in Baltimore, according to the Federal Bureau of Prisons website. Stephen Fields, the bank’s former vice president, got 17 and is due to be released in March 2028, the website said.

In his opinion, Jackson said the virus posed too much of a risk for someone like Woodard and that it was wrong to take that chance just so he could serve a higher percentage of his sentence.

The judge went on to take issue with the federal Bureau of Prisons, saying there was growing evidence of “chronic mismanagement of its vulnerable population during the pandemic.” He also noted other cases in which the bureau agreed to release highprofile defendants — such as Manafort and Cohen — before they served half their sentences.

“The BOP’s stated justification for denying petitioner’s request for home confinement is not being applied evenly,” he wrote.