Sentencing near for former Wilmington Trust executives
(AP) — Four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program are facing potential prison sentences ranging from 7 to 11 years.
Former Wilmington Trust president Robert Harra Jr., chief credit officer William North, chief financial officer David Gibson and controller Kevyn Rakowski will be sentenced later this year for fraud, conspiracy and making false statements.
In a letter docketed Wednesday, prosecutors and defense attorneys say Harra and Gibson face 108 to 135 months in prison under sentencing guidelines, while North and Rakowski face 87 to 108 months behind bars.
Prosecutors say that after the 2008 financial crisis, bank executives misled regulators and investors about Wilmington Trust’s massive amount of past-due commercial real estate loans before the bank was hastily sold.