DOVER, Del. (AP) - The former chief credit officer and former controller of Wilmington Trust have been indicted on charges of making false statements to government officials about the troubled loan portfolio that led to the bank's demise.
Federal prosecutors said Wednesday's indictments involve statements made by 55-year-old William North and 61-year-old Kevyn Rakowski to the Securities and Exchange Commission and the Federal Reserve. Authorities say the charges involve concealing the amount of past due loans on the bank's books in the fall of 2009.
Others charged inicluded Robert Harra, the former president for misleading investors about about the institution’s portfolio and former chief financail officer David Gibson.
Wilmington Trust was sold to M&T Bank in 2010 after its deteriorating commercial real estate loan portfolio left it on the verge of collapse. The bank's lending practices are the subject of an ongoing criminal investigation that has resulted in guilty pleas from three other Wilmington Trust employees.
