Updated: Tuesday, 19 Mar 2013, 8:21 PM EDT
Published : Tuesday, 19 Mar 2013, 8:21 PM EDT
NORFOLK, Va. (WAVY) - Jury selection began Tuesday and is expected to continue through Wednesday in the Bank of the Commonwealth scheme to commit bank fraud.
The bank's former President Ed Woodard and his son Ed Woodard, who ran the bank's loan department, were indicted last summer. Also indicted were four other bank executives, Thomas Arney, Dwight Etheridge, Stephens FIelds and Simon Hounslow.
Two men already pleaded guilty. George Hranowsky was sentenced to 14 years in prison and his business partner Eric Menden got 11 years.
It is estimated the bank failure cost taxpayers approximately $270 million.
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