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."