No guaranteed prison time for Wilmington Trust defendants
DOVER, Del. (AP) — There’s no guarantee that four former executives of the only financial institution to be criminally charged in connection with the federal bank bailout program will be sentenced to prison for fraud.
But even if a judge orders prison time for the former Wilmington Trust officials later this month, they won’t be led away in handcuffs.
In a court filing Thursday, prosecutors say they won’t oppose the defendants’ requests to be allowed at least two months, possibly more, to “self-surrender” to prison.
The defendants also are asking that any prison sentences be put on hold until their appeals are resolved, a process that could take a year or more.
The defendants were convicted in May of misleading regulators and investors about the bank’s massive amount of past-due commercial real estate loans.