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Wilmington Trust Corp. added as defendant in bank fraud case against 4 former executives

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WILMINGTON, Delaware — A federal grand jury has issued a superseding indictment adding Wilmington Trust Corp. as a defendant in a bank fraud and conspiracy case against four former top executives.

The indictment returned Wednesday charges the defendants with concealing information about Wilmington Trust's deteriorating commercial real estate loan portfolio before its collapse and hasty acquisition by M&T Bank Corp. in 2011.

Former Wilmington Trust president Robert V.A. Harra Jr., former chief financial officer David Gibson, former chief credit officer William North, and former controller Kevyn Rakowski were charged in an August indictment with fraud, conspiracy and making false statements to federal regulators.

The superseding indictment alleges that Wilmington Trust, through its senior executives, concealed the truth about its loan portfolio from bank regulators, investors and the Securities and Exchange Commission.

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