Former Wilmington Trust Exec Pleads Guilty - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Former Wilmington Trust Exec Pleads Guilty

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(Photo: MGN) (Photo: MGN)

WILMINGTON, Del. (AP) - A former Wilmington Trust executive has pleaded guilty to conspiracy to commit bank fraud in an investigation of the failed bank's lending practices.

Forty-five-year-old Joseph P. Terranova waived an indictment and entered his plea Wednesday. He faces up to five years in prison when sentenced Sept. 9.

Terranova is a former relationship manager in the commercial real estate group at Wilmington Trust, which was sold to M&T Bank Corp. in 2010 after its deteriorating loan portfolio left it on the verge of collapse.

Terranova worked closely with Michael Zimmerman, a prominent Dover developer indicted earlier this year on charges including conspiracy and money laundering.

According to court records, Terranova once agreed to send $1 million to Zimmerman, joking that he didn't want to jeopardize his reputation for "reckless abandon."

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