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Feds Drop Wilmington Fraud Case After 3rd Circ. Defeat
Law360 (July 6, 2021, 9:29 PM EDT) Delaware federal prosecutors said Tuesday they will not retry four former Wilmington Trust executives on fraud counts after the Third Circuit tossed all but two of the charges, ending a marquee criminal case stemming from the 2008 financial crisis.
Delaware U.S. Attorney David C. Weiss said in a statement that the extremely disappointing appellate ruling limited his office s options going forward. He also cited competing priorities, including unprecedented violent crime, rising opioid deaths and domestic terrorism.
The Third Circuit ruled in a bombshell opinion in January that the government hadn t proven former Wilmington executives Robert Harra, David Gibson, Kevyn Rakowski and.
U S District Attorney won t refile charges against former Wilmington Trust executives
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Third Circuit Court of Appeals Reverses Convictions of 4 Wilmington Trust Officers
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Jan 12 (Reuters) - A federal appeals court on Tuesday overturned the convictions of four former Wilmington Trust Co executives charged with concealing from regulators the amount of troubled loans on the company’s books following the 2008 global financial crisis.
Former President Robert Harra, Chief Financial Officer David Gibson, Controller Kevyn Rakowski and Chief Credit Officer William North had been charged with underreporting the amount of Wilmington’s “past due” commercial real estate loans to the Federal Reserve and the Securities and Exchange Commission.
Prosecutors said the defendants wanted to make Wilmington’s finances look better, enabling it to raise $273.9 million in a February 2010 stock offering, just over a year after accepting $330 million from the federal government’s bank bailout program.