Prosecutors defend fraud convictions of former bank execs
DOVER, Del. (AP) — Prosecutors are urging a judge not to overturn the fraud and conspiracy convictions of four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program
Defense attorneys say the evidence against the former Wilmington Trust executives wasn’t strong enough to support a jury’s guilty verdicts. They also say errors during the trial warrant the convictions being overturned, or a new trial.
In a response this week, prosecutors say the verdict was proper and that the defendants knew what they were doing was wrong.
Prosecutors say that after the 2008 financial crisis, bank executives misled regulators and investors about Wilmington Trust’s massive amount of past-due commercial real estate loans before the bank was hastily sold in 2011 while bordering on collapse.