DOVER, Del. (AP) — A federal judge says four former executives for the only financial institution criminally charged in connection with the federal bank bailout program do not have to begin serving their prison sentences while appealing their fraud and conspiracy convictions.
The judge on Wednesday granted requests by the former Wilmington Trust executives to remain free on bail during the appeal process, which could take a year or more.
The four defendants were convicted last year of hiding Wilmington Trust’s massive amount of past-due commercial real estate loans before the bank was hastily sold in 2011
Former Wilmington Trust president Robert Harra and chief financial officer David Gibson were sentenced to six years, while chief credit officer William North was sentenced to 4½ years and controller Kevyn Rakowski got three years.
