Former bank president, 3 others indicted in investigation of Wilmington Trust collapse

Economic IndicatorsAssociated Press

The former president of Wilmington Trust and three other former bank executives have been indicted on fraud and conspiracy charges in an ongoing federal investigation into the collapse of the century-old financial institution.

Sixty-six-year-old Robert V.A. Harra was indicted Wednesday on charges of conspiracy, securities fraud, making false statements to federal regulators and making false entries in banking records.

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Harra is the highest-ranking former bank official charged to date in the investigation, which has resulted in several guilty pleas.

Also indicted Wednesday were 58-year-old David Gibson, 55-year-old William North, and 61-year-old Kevyn Rakowski.

Gibson was Wilmington Trust's chief financial officer. North was chief credit officer and Rakowski served as controller.

Authorities allege that Wilmington Trust officials concealed information about the bank's deteriorating commercial loan portfolio, which led to its downfall.