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Former Wilmington Trust president indicted

Delaware Public Media

The former president of Wilmington Trust Bank and another executive are joining two other former high-ranking company officials in being indicted on federal conspiracy charges.

Robert Herra, David Gibson, William North and Kevyn Rakowski are accused of hiding hundreds of millions of dollars of past-due real estate loans in quarterly reports made to the Securities and Exchange Commission and the Federal Reserve in 2009 and 2010.

Those numbers are also available to stockholders to assess the health of the company.

North and Rakowski were indicted on similar charges earlier in May. All face more than a dozen charges related to the case.

North has pleaded not guilty to his previous charges.

Delaware District Attorney Charles M. Oberly announced the new development Wednesday afternoon. 

"As high-ranking bank executives, these individuals had an obligation to accurately report important financial metrics which enable investors to make informed decisions. Even in the wake of the financial crisis, their deception was neither permissible nor excusable,” Oberly said.

Buffalo, New York-based M&T Bank bought Wilmington Trust at a steep discount in 2010 after those sour real estate loans left the company in dire financial straits.

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