Former Wilmington Trust exec pleads guilty

By Mellany Armstrong 12:11pm, August 4, 2014 - Updated 4:20pm, August 4, 2014
A former Wilmington Trust executive pleads guilty in federal court to bank fraud.

WDEL's Mellany Armstrong reports.

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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.

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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.

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


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