3rd Circ. Undoes Wilmington Trust Fraud Convictions

Law360 (January 12, 2021, 6:32 PM EST) -- The Third Circuit Court of Appeals reversed the convictions for four former Wilmington Trust Corp. executives Tuesday, ruling that prosecutors hadn't proven that the bank's failure to report loans with extensions as "past due" during the 2007-08 financial crisis violated the only reasonable interpretation of federal regulations.

The three-judge panel said that when a regulation is ambiguous, the government has the burden of proving a defendant knowingly made false statements either under the only reasonable interpretation of that regulation or under all possible reasonable interpretations.

As a result, the panel said the government hadn't proven its case against former Wilmington President...

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