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.

 

  • Most Popular VideosMost Popular VideosMore>>

  • State Police Looking For Suspect in Deadly Laurel Shooting

    State Police Looking For Suspect in Deadly Laurel Shooting

    Delaware State Police are asking for the public's help in finding suspects wanted in connection to a deadly shooting.

    More

    Delaware State Police are asking for the public's help in finding suspects wanted in connection to a deadly shooting.

    More
  • Thousands of Crabs Dumped on Deal Island

    Thousands of Crabs Dumped on Deal Island

    A Somerset County man is charged with dumping thousands of dead crabs along the shoreline in Deal Island. 

    DNR says 22-year old Ryan Bailey of Princess Anne is charged with dumping, between 20 and 30 bushels of dead crabs at the Deal Island Wildlife Management area boat ramp.

    More

    A Somerset County man is charged with dumping thousands of dead crabs along the shoreline in Deal Island. 

    DNR says 22-year old Ryan Bailey of Princess Anne is charged with dumping, between 20 and 30 bushels of dead crabs at the Deal Island Wildlife Management area boat ramp.

    More
  • Boil Water Advisory After Sussex County Company Tests Positive for E. Coli

    Boil Water Advisory After Sussex County Company Tests Positive for E. Coli

    The Delaware Division of Public Health is issuing a boil water advisory for some towns in Sussex County. Customers of the Broadkiln Beach Water Company should boil their water after samples from the company's system tested positive for E. Coli. Customers with PrimeHook Water Company are also advised to boil water, as the company has a connection to Braodkiln

    More

    The Delaware Division of Public Health is issuing a boil water advisory for some towns in Sussex County. Customers of the Broadkiln Beach Water Company should boil their water after samples from the company's system tested positive for E. Coli. Customers with PrimeHook Water Company are also advised to boil water, as the company has a connection to Braodkiln

    More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices