Ex-Wilmington Trust officials convicted of fraud, conspiracy

[TexasTowelie]

WILMINGTON, Del. (AP) — Four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program were convicted Thursday of fraud and conspiracy charges.

The former Wilmington Trust executives were convicted after a six-week trial in which prosecutors said the defendants deliberately misled banking regulators and investors by not reporting hundreds of millions of past due loans.

Former bank president Robert Harra Jr., former chief credit officer William North, former chief financial officer David Gibson and former controller Kevyn Rakowski were convicted on charges of fraud, conspiracy and making false statements to federal regulators.

Several of the offenses carry maximum prison terms of 30 years, but it's unclear whether any of the four will spend time behind bars. No sentencing date has been set, and defense attorneys vowed to appeal.

Read more: https://www.chieftain.com/business/ex-wilmington-trust-officials-convicted-of-fraud-conspiracy/article_49a3b1d5-6142-5a4d-b356-64c693eadfbb.html

[Turbineguy]

1. Trust

[woodsprite]

2. According to their website, Wilmington Trust is an owned subsidiary of M&T Bank Corporation

Or as I like to call it, eM pT Bank.

I guess I should see what happened to Wilm Trust stock when they were bought. My SIL gave my kids stock certificates as gifts for several years. I had totally forgotten about them, until now.