Attorneys for Former Wilmington Trust Execs Seek to Dismiss SEC - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Attorneys for Former Wilmington Trust Execs Seek to Dismiss SEC Complaint

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DOVER, Del. (AP)- Two former executives for the only financial institution criminally charged in connection with the federal bank bailout program are asking a judge to dismiss a civil enforcement action filed against them by federal securities regulators.           

The Securities and Exchange Commission alleges that former Wilmington Trust president Robert Harra and former chief credit officer William North were involved in making false statements regarding the bank's past due loans. Defense attorneys argue that there's no federal law or regulation defining "past due."           

Harra, North and two other former Wilmington Trust executives are appealing their convictions last year on criminal fraud and conspiracy charges. All four remain free on bail.

Former Wilmington Trust chief financial officer David Gibson and former controller Kevyn Rakowski have reached settlements with the SEC.

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