The former President and Chief Executive Officer of a Wilmington-based bank faces up to 60 years behind bars after pleading guilty to two counts of bank fraud charges and even more jail time when two money laundering charges are added into the equation.
James A. Ladio, founder of MidCoast Community Bank entered into a nine-page plea agreement on Tuesday giving up rights to a jury trail and an option to appeal whatever sentence a judge will impose. Ladio is accused of a scheme that involved loan money originally approved for two MidCoast customers but was set aside for Ladio’s personal use. Court documents show Ladio was in debt totaling at least $600-thousand owed to another Wilmington bank, which is believed to have sparked the illegal transactions. According to prosecutors, they have a number of falsified documents, which they were prepared to show in trial. That will no longer be the case because of the signed agreement.
Shortly after a proposed bank merger fell through with Pennsylvania’s Bryn Mawr Trust Company, Ladio resigned from MidCoast in August.
The felony charges against Ladio will cause him to lose the right to vote, serve on a jury as well as own a firearm. Meanwhile, Ladio is free until his sentencing hearing that’s scheduled to take place April 17th.