Judge may nix several charges in Wilmington Trust fraud case

(image via Google Maps)

(image via Google Maps)

A federal judge is considering dismissing several criminal charges in a fraud and conspiracy case against Wilmington Trust and four of its former top executives.

 

Former bank president Robert V.A. Harra Jr., former chief financial officer David Gibson, former chief credit officer William North, and former controller Kevyn Rakowski are charged with fraud, conspiracy and making false statements to federal regulators.

Prosecutors also allege that Wilmington Trust, through its executives, concealed the truth about its troubled loan portfolio before the bank’s collapse and hasty acquisition by M&T Bank Corp. in 2011.

At a hearing Thursday, the judge said he is likely to dismiss several counts alleging false statements to the SEC and to Federal Reserve officials because the wording in the charges differs from that in the federal criminal code.

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