Type to search

Banking News

2 former Wilmington Trust officials face sentencing

Avatar photo

(AP) β€” Two other former officials with the only financial institution to be criminally charged in connection with the federal bank bailout program are facing sentencing by a federal judge.

Former Wilmington Trust Delaware Market Officer Brian Bailey and former loan officer Peter Hayes were to appear for sentencing Thursday.

Bailey pleaded guilty in 2014 to conspiracy to conceal Wilmington Trust’s financial condition and conspiracy to commit bank bribery by receiving gifts for procuring loans.

Hayes pleaded guilty that same year to soliciting and accepting a $70,000 loan from a Wilmington Trust customer β€” a home builder that sold Hayes and a business partner two model homes, rented them back from Hayes, then loaned him money to pay off the mortgage balance when they were sold for less than what Hayes paid.

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.


You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Premier Digital Partners

© 2024 Delaware Business Times

Important notice for access to your Delaware Business Times “Insider” content

Flash Sale! Subscribe to Delaware Business Times and save 50%.

Limited time offer. New subscribers only.

Limited time offer. New subscribers only.


Subscribe to Delaware Business Times and save 50%