Feds dropping case against former Wilmington Trust execs

DOVER, Del. (AP) — Federal prosecutors in Delaware have decided not to retry four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program in the wake of the 2008 financial crisis.

U.S. Attorney David Weiss said in statement Tuesday that his office has opted not to retry the former Wilmington Trust executives on fraud charges. The decision came after a January appeals court ruling that reversed the convictions of the former bank executives for making false statements to federal regulators and ordered that acquittals be entered.

The court also ordered a retrial of conspiracy and securities fraud charges.

Source: AP – All contents copyright 2021 Associated Press.  All rights reserved.