Del. Real Estate Developer Pleads Not Guilty To Bank Fraud

Law360, Wilmington (February 21, 2013, 6:02 PM EST) -- A real estate developer pled not guilty Thursday in Delaware federal court to bank fraud charges stemming from the alleged misuse of millions of dollars in loans from Wilmington Trust Co. that were intended for three construction projects.

Michael A. Zimmerman, 55, pled not guilty to charges of conspiracy to commit bank fraud, making false statements to a financial institution and money laundering at his arraignment in Wilmington.

Prosecutors allege that between 2006 and 2009, Zimmerman and three unnamed co-conspirators funneled a portion of more than...
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