Trial Set to Begin for Former Wilmington Trust Executives - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Trial Set to Begin for Former Wilmington Trust Executives

Posted: 10/02/2017 08:00:00 -04:00 Updated:

WILMINGTON, Del. (AP)- Jury selection has begun in the federal trial of four former executives of Wilmington Trust charged with fraud.

The process of selecting 12 jurors and six alternates began Monday in a case that led to the demise of the century-old DuPont-founded institution.

Federal prosecutors allege that bank executives hid more than $1 billion in delinquent loans from investors and regulators between 2008 and 2011 as the economy was going into a tailspin.

The now-defunct bank was purchased at a steep discount by Buffalo, New York-based M&T Bank. The sale cost shareholders billions of collars and cost Delaware hundreds of jobs.

In 2008, Wilmington Trust received $330 million from the federal government's Troubled Asset Relief Fund. Prosecutors say the bank fraudulently flouted financial disclosure requirements.

The trial is expected to last about two months.

 

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