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Some Charges Dropped in Wilmington Trust Fraud Case

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DOVER, Del. (AP) - A federal judge has dismissed several charges in a bank fraud case against Wilmington Trust and four former top executives, although prosecutors likely will try to reinstate the charges with different language.

Former bank President Robert V.A. Harra Jr., former Chief Financial Officer David Gibson, former Chief Credit Officer William North and former controller Kevyn Rakowski are charged with fraud, conspiracy and making false statements to federal regulators. Prosecutors also say Wilmington Trust, through its executives, concealed the truth about its deteriorating commercial real estate loan portfolio before its collapse and hasty acquisition by M&T Bank in 2011.

The judge this week dismissed several counts alleging false statements to the Securities and Exchange Commission and Federal Reserve because the wording in the charges differs from that in the criminal code.

Don Rush is the News Director and Senior Producer of News and Public Affairs at Delmarva Public Media. An award-winning journalist, Don reports major local issues of the day, from sea level rise, to urban development, to the changing demographics of Delmarva.