Former Wilmington Trust official sentenced for conspiracy
WILMINGTON, Del. (AP) — A former bank executive who cooperated with authorities in an investigation that led to the fraud convictions of four top executives for Wilmington Trust, the only financial institution to be criminally charged in connection with the federal bank bailout program, has been sentenced to almost two years in prison.
Fifty-one-year-old Joseph Terranova was sentenced to 21 months behind bars Tuesday, more than five years after he pleaded guilty to conspiracy to commit bank fraud.
Terranova’s attorney had asked for a sentence of home confinement and community service.
Terranova, who at one point wore an FBI wire to secretly record his conversations with colleagues and real estate developers, testified last year in the trial of former bank president Robert Harra and three other top Wilmington Trust executives. All were found guilty.