Former Wilmington Trust exec pleads guilty
By Mellany Armstrong

Updated Monday, August 4, 2014 - 4:20pm

Video player now loading; please wait...

A former Wilmington Trust executive pleads guilty in federal court to bank fraud.

WDEL's Mellany Armstrong reports.

Click here to listen



U.S. Attorney for the District of Delaware Charles Oberly says Brian Bailey took improper gifts as he and an executive at another bank traded loans.

"Mr. Bailey's participation in both conspiracies showed a violation of both the public trust and an abuse of power," Oberly said.

Click here to listen



Oberly says Bailey approved improper supplemental financing to failing Wilmington Trust borrowers, effectively killing the bank.

"His conduct and that of others enabled the bank to falsely report its level of non-performing loans to federal regulators and the public by hundreds of millions of dollars," he said.

Click here to listen



The other bank executive, James Ladio of MidCoast Community Bank, pleaded guilty in December.



Copyright © Sep 23, 2014, WDEL/Delmarva Broadcasting Company. All Rights Reserved.
This material may not be published, broadcast, rewritten, or redistributed.




WDEL News Tools:
Printer friendly version
Back to homepage



 Latest News

 Follow Us

Facebook Twitter
RSS Mobile
Email Updates




Copyright © 2014, Delmarva Broadcasting Company. All Rights Reserved.   Terms of Use.
WDEL Statement of Equal Employment Opportunity and Outreach