Del. Developer Indicted On Bank Fraud Charges - 47 ABC - Delmarva's Choice

Del. Developer Indicted On Bank Fraud Charges

Posted: Updated:

WILMINGTON, Del. - A Dover developer has been indicted on bank fraud charges for allegedly submitting false requests for payments from Wilmington Trust Company on three projects.
    
Fifty-five-year-old Michael Zimmerman of Dover was indicted Jan. 23.
    
Charles M. Oberly III, U.S. Attorney for the District of Delaware, announced the eight indictments on Tuesday. He said Wilmington Trust incurred losses of more than $26 million.
    
Oberly said Zimmerman got financing of more than $37 million from Wilmington Trust for three development projects. M&T Bank Corp. acquired Wilmington Trust Corp. in 2011, resulting in more than 700 layoffs in Delaware.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • ContestsMore>>

  • Spring Gas Giveaway

    Spring Gas Giveaway

    Let WMDT fill up your tank! It's time for our Spring Gas Giveaway! More >>
    Enter for your chance to win a $100 Exxon/Mobil Gas Card!More >>
  • Teacher Who Makes A Difference

    Teacher Who Makes A Difference

    The WMDT 47 Teachers Who Make a Difference Contest is Sponsored by Accurate Optical: "Encouraging children of all ages to come in for an annual eye exam to help them see better in school." Each month weMore >>
    The WMDT 47 "Teachers Who Make a Difference" Sponsored by Accurate Optical Encouraging children of all ages to come in for an annual eye exam to help them see better in school.More >>
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2014 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.