Ex-bank execs remain free on bail after fraud convictions

DOVER, Del. (AP) — Four former executives of the only financial institution criminally charged in connection with the federal bank bailout program do not have to report to prison while their attorneys appeal their fraud and conspiracy convictions, a judge ruled Wednesday.

The decision by U.S. District Judge Richard Andrews came in response to requests by the former Wilmington Trust executives to be allowed to remain free on bail during appeals, which could take a year or more.

The four defendants were convicted of hiding Wilmington Trust's massive amount of past-due commercial real estate loans before the bank, teetering on collapse, was hastily sold in 2011. The century-old bank, founded by members of the du Pont family, imploded despite receiving $330 million from the federal Troubled Asset Relief Program.

Former bank president Robert Harra and former chief financial officer David Gibson were sentenced to six years, while former chief credit officer William North was sentenced to 4½ years and former controller Kevyn Rakowski got three years.

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