Prosecutors seek prison time for former bank execs
DOVER, Del. (AP) — Prosecutors are seeking prison time for four former executives of the only financial institution criminally charged in connection with the federal bank bailout program.
The four former of Wilmington Trust in Delaware face sentencing next week for fraud and conspiracy. They are requesting probation.
Former bank president Robert Harra Jr. and former chief financial officer David Gibson face between nine and 11 years in prison under sentencing guidelines. Former chief credit officer William North and former controller Kevyn Rakowski face seven to nine years.
Prosecutors Tuesday asked for prison terms of eight years for Harra and Gibson, six years for North and five years for Rakowski.
Prosecutors say the defendants lied about Wilmington Trust’s massive amount of past-due commercial real estate loans before the bank was hastily sold in 2011.