Delaware Public Media

Wilmington Trust

Four former Wilmington Trust executives convicted in a federal fraud trial earlier this year will not receive life sentences.

Delaware’s federal prosecutor, David Weiss, has agreed to seek lesser sentences for Robert Harra, David Gibson, William North and Kevyn Rakowski.

Sophia Schmidt/Delaware Public Media

A group of former top executives at Wilmington Trust has been found guilty in a federal fraud trial.

Wilmington Trust no longer faces a federal fraud trial.

The company announced Tuesday it has reached a multi-million dollar settlement with U.S. Attorney’s Office for the District of Delaware in the case against it stemming from the 2008 financial crisis.

The defunct Wilmington Trust Corp. now joins four of its former top executives in being indicted on federal conspiracy charges.

A Dover businessman is getting jail time after pleading guilty to defrauding Wilmington Trust as part of a real estate development conspiracy.


Federal Judge Gregory Sleet sentenced Salvatore Leone to 366 days in prison and three years of probation Tuesday.


He will also have to repay the Wilmington Trust Company nearly $785,000.


Leone plead guilty to bank fraud charges in 2013.


Former Wilmington Trust president indicted

Aug 5, 2015

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.

One former high-ranking Wilmington Trust executive facing federal fraud charges pleaded not guilty Thursday in U.S. District Court in Wilmington.

The bank’s former chief credit officer, William North, was in court for an arraignment on charges alleging he made false statements to the Federal Reserve and U.S. Securities and Exchange Commission.

Four former high-ranking Wilmington Trust executives face federal fraud charges that they intentionally masked the extent of the bank’s troubled loans during the financial crisis.

The allegations came Wednesday in a Securities and Exchange Commission complaint filed in federal district court in Wilmington.