WILMINGTON, Delaware — A former Wilmington Trust executive accused of scheming with another bank executive to make improper loans to each other from their respective banks has pleaded guilty in federal court.
Fifty-one-year-old Brian D. Bailey of Middletown pleaded guilty to conspiracy to commit an offense against the United States in Wilmington on Monday. He faces a maximum of 5 years in prison at sentencing Dec. 5.
Bailey initially pleaded not guilty after being indicted in February on federal bank fraud, conspiracy and money laundering charges.
The indictment of Bailey, a former vice president and Delaware market manager for Wilmington Trust, is one of several stemming from an ongoing federal investigation of lending practices at the failed bank.