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

Del. Developer Indicted On Bank Fraud Charges

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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 This material may not be published, broadcast, rewritten or redistributed.)

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