Closing arguments set in Wilmington Trust fraud trial

(AP) — Closing arguments are set in the federal trial of four former Wilmington Trust Corporation executives charged with bank fraud and conspiracy.

Attorneys were to present final remarks to jurors Monday in a trial that began six weeks ago.

The judge last week refused to acquit the defendants after their attorneys argued that prosecutors had failed to show they had engaged in any conspiracy or wrongdoing.

Prosecutors say the former Wilmington Trust executives concealed the truth about the bank’s imploding commercial real estate loan portfolio before the century-old institution was hastily sold in 2011 while teetering on the edge of collapse.

The bank itself — the only financial institution to be criminally charged in connection with the federal bank bailout program — reached a $60 million settlement with prosecutors last year.

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