Four former Wilmington Trust executives will not be headed to prison anytime soon.
Delaware Online (subscription) reported that the U.S. District Court judge handling the case says the four individuals can remain free while their appeals play out, citing the lack of flight risk. He also cited a “substantial legal question” in the case.
The executives, who include former President Robert Harra, had been scheduled to head to prison after getting time to get their affairs in order.
Lawyers have continued to argue that the executives did not knowingly conceal information on bad loans from regulators prior to the collapse of Wilmington Trust, which was acquired by M&T in a $300 million deal that was described at the time as a “take under” of the bank and wealth management company.
M&T has settled charges related to the case.
A federal jury came back with a guilty verdict late last year after a lengthy trial.
See earlier story below.
U.S. Attorney for Delaware says prison time for Wilmington Trust former execs is justified
