Criminal Charges Dropped Against Bank But Not Execs
Philadelphia Inquirer, Oct. 11, 2017–Joseph N. DiStefano
Wilmington Trust Corp. agreed Tuesday to pay $60 million and help federal prosecutors with their criminal case against four of its former top executives. As a result, the bank avoids a federal trial on charges it illegally concealed hundreds of millions of dollars in bad loans to developers from its own investors, bank examiners and the federal TARP bailout program during the last decade’s mortgage-finance crisis.
