Prosecutors rest case in fraud trial of former bank execs
(AP) — Federal prosecutors have rested their case in the fraud and conspiracy case against four former executives of Wilmington Trust Corporation.
Prosecutors presented their final witnesses and evidence Tuesday, four weeks after the trial began. Testimony resumes Tuesday with defense attorneys calling their first witnesses.
Former bank president Robert Harra Jr., and three other former executives are charged with fraud, conspiracy and making false statements to federal regulators.
Prosecutors say the defendants concealed the truth about the bank’s imploding commercial real estate loan portfolio before the century-old institution was hastily sold in 2011 while teetering on the edge of collapse.
The bank itself — the only financial institution to be criminally charged in connection with the federal bank bailout program — reached a $60 million settlement with prosecutors last year.