Fraud convictions for former Wilmington Trust executives reversed by federal appeals court
A federal appeals court has overturned the historic criminal fraud convictions of four former top executives of Wilmington Trust.
The four were facing prison time following their 2018 conviction in a Wilmington federal court on charges associated with concealing bad loans from investors and regulators during the Wilmington banking institution's financial downfall.
The opinion overturning the conviction, issued Tuesday morning, could pave the way for another criminal trial if federal prosecutors in Wilmington decide to pursue charges against the former executives. Prosecutors may also appeal Tuesday's ruling to the U.S. Supreme Court.
In a written statement, U.S. Attorney David Weiss, whose office pursued the charges, said he is "disappointed with the result." He did not commit to appealing the ruling or trying the defendants again and said his office is evaluating its options.
Read more: https://www.delawareonline.com/story/news/2021/01/12/former-wilmington-trust-executives-fraud-convictions-overturned/6637817002/