2 former Wilmington Trust officials face sentencing

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2 former Wilmington Trust officials face sentencing

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WILMINGTON, Del. (AP) — Two other former officials with the only financial institution to be criminally charged in connection with the federal bank bailout program are facing sentencing by a federal judge.

Former Wilmington Trust Delaware Market Officer Brian Bailey and former loan officer Peter Hayes were to appear for sentencing Thursday.

Bailey pleaded guilty in 2014 to conspiracy to conceal Wilmington Trust's financial condition and conspiracy to commit bank bribery by receiving gifts for procuring loans.

Hayes pleaded guilty that same year to soliciting and accepting a $70,000 loan from a Wilmington Trust customer — a home builder that sold Hayes and a business partner two model homes, rented them back from Hayes, then loaned him money to pay off the mortgage balance when they were sold for less than what Hayes paid.

 

Source: AP