Former bank executives sentenced to prison for fraud
WILMINGTON, Del.— Two former executives of the only financial institution criminally charged in connection with the federal bank bailout program were sentenced to prison Wednesday for misleading investors and federal regulators about the bank’s troubled condition in the wake of the 2008 financial crisis.
Former Wilmington Trust chief credit officer William North, 59, was sentenced to 4½ years in prison, while former controller Kevyn Rakowski, 65, was sentenced to three years. North must also pay a $100,000 fine.
The sentencings came two days after former Wilmington Trust president Robert Harra Jr. and former chief financial officer David Gibson were both sentenced to six years in prison and ordered to pay fines of $300,000 each.
The defendants were convicted on all counts in May after a six-week trial. Prosecutors said they deliberately hid the truth about Wilmington Trust’s massive amount of past-due commercial real estate loans before the bank was hastily sold while teetering on the edge of collapse. In the fourth quarter of 2009, for example, Wilmington Trust officials reported only $10.8 million in commercial loans as 90 days or more past due, concealing more than $316 million in past-due loans subject to an internal “waiver” practice for reporting purposes.
Read more: https://delawarestatenews.net/business/former-bank-executives-sentenced-to-prison-for-fraud/
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These white-collar criminals rarely do time....and these ones totally F$#d up a Delaware institution (and my first bank!). I miss Wilmington Trust 