WILMINGTON, Del. (AP) — The former chief credit officer of the only financial institution criminally charged in connection with the federal bank bailout program has been sentenced to 4½ years in prison for helping conceal the bank’s troubled condition in the wake of the 2008 financial crisis.
Fifty-nine-year-old William North was also ordered Wednesday to pay a $100,000 fine.
North’s sentencing comes two days after former Wilmington Trust president Robert Harra Jr. and former chief financial officer David Gibson were each sentenced to six years in prison. Former Wilmington Trust controller Kevyn Rakowski was to be sentenced later Wednesday.
Prosecutors said the defendants 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 teetering on the edge of collapse.
