Former Wilmington Trust executives convicted in U.S. fraud trial

Former Wilmington Trust executives convicted in U.S. fraud trial
Former Wilmington Trust executives convicted in U.S. fraud trial

(Reuters) - Four former Wilmington Trust Co executives were convicted on Thursday of U.S. charges that they concealed from regulators the amount of troubled loans still on the bank's books after the 2008 financial crisis, prosecutors said.

The verdict by a federal jury in Wilmington, Delaware, came in one of the few criminal cases in which federal prosecutors sought to hold top executives at a well-known financial company accountable for conduct tied to the crisis.

The former Wilmington executives are President Robert Harra, Chief Financial Officer David Gibson, Controller Kevyn Rakowski and Chief Credit Officer William North.

Jurors found them guilty on all counts they faced, including securities fraud, conspiracy and making false statements to federal regulators, prosecutors said. Their lawyers did not immediately respond to requests for comment.

The verdict came after Wilmington Trust, now owned by M&T Bank Corp, in October reached a $60 million deal resolving related charges, a sum that includes $16 million it paid in a U.S. Securities and Exchange Commission settlement in 2014.

(Reporting by Nate Raymond in Boston; Editing by Sandra Maler and Marguerita Choy)

all right reserved for yahoo news

Get the latest news delivered to your inbox

Follow us on social media networks

PREV Former Black Rod slams John Bercow's 'intolerable' bullying
NEXT R. Kelly hits back at the Time's Up campaign's call for a boycott of his music