Ex-Wilmington Trust Brass Seek To Scotch Fraud Convictions
Law360 (June 30, 2020, 7:54 PM EDT) -- Four former Wilmington Trust Corp. executives urged the Third Circuit to undo their fraud convictions for failing to flag real estate loans totaling millions of dollars that were in arrears, arguing Tuesday that there was no regulatory or statutory definition of "past due" on which to base criminal charges.
During a telephone argument before a three-judge panel, attorneys for four individuals sentenced to three to six years in prison said the government's case couldn't stand given the "ambiguous" regulatory guidance for past-due commercial loan status disclosures. They claim the government relied on novel or untested applications of securities and bank reporting...
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