WILMINGTON, Delaware — A federal judge has set a sentencing date for the founder and former president of a community bank who pleaded guilty to bank fraud and money laundering.
The judge on Thursday scheduled a Nov. 24 sentencing for James Ladio of Wilmington.
Ladio, the former head of MidCoast Community Bank, faces up to 30 years imprisonment and a $1 million fine.
Ladio pleaded guilty last December. Two months later, former Wilmington Trust executive Brian Bailey was charged with scheming with Ladio to make improper loans to each other over more than a decade.
Bailey pleaded guilty last month to conspiracy.
Bailey's indictment is one of several stemming from an ongoing federal investigation into lending practices at Wilmington Trust prior to its failure and hasty acquisition by M&T Bank Corp. in 2011.
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