Arraignment For Del. Developer Charged With Fraud - WMDT 47 News - Delmarva's Choice

Arraignment For Del. Developer Charged With Fraud

Posted: Updated:

WILMINGTON, Del. (AP) - A prominent Dover developer is facing arraignment on federal bank fraud charges.
 
A lawyer for 55-year-old Michael Zimmerman has said Zimmerman would plead not guilty at Thursday's arraignment.
 
Zimmerman is charged with conspiracy, money laundering and making false statements to a financial institution.
 
Prosecutors allege he obtained more than $37 million in financing from Wilmington Trust for three projects, then diverted construction loans for unauthorized purposes.
 
Zimmerman's attorney has said Wilmington Trust was not the victim of any fraud but instead engaged in sloppy accounting practices.
 
Prosecutors claim Wilmington Trust, which sold the debt related to the Zimmerman projects in 2011, incurred a loss of more than $26 million.
 
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 This material may not be published, broadcast, rewritten or redistributed.)

  • Local NewsLocal News

  • Thursday, June 20 2013 5:50 AM EDT2013-06-20 09:50:11 GMT
    WALLOPS ISLAND, Va. -  If you were in the Accomack County area early this morning, you might have seen a rocket in the sky WMDT's Jemie reports the launch of the NASA Terrier-Improved Orion suborbital
    WALLOPS ISLAND, Va. -  If you were in the Accomack County area early this morning, you might have seen a rocket in the sky
  • Thursday, June 20 2013 5:05 AM EDT2013-06-20 09:05:32 GMT
    BALTIMORE (AP) - Wisconsin Rep. Paul Ryan is scheduled to speak at a Maryland Republican Party dinner.    The state GOP's 23rd annual Red, White and Blue dinner is scheduled for Thursday evening in Baltimore.
    BALTIMORE (AP) - Wisconsin Rep. Paul Ryan is scheduled to speak at a Maryland Republican Party dinner.
  • Thursday, June 20 2013 4:37 AM EDT2013-06-20 08:37:08 GMT
    RICHMOND, Va. (AP) - The Virginia Department of Forestry has awarded more than $200,000 in grants to 154 volunteer fire departments.    The department said Wednesday that the grants range from $500 to
    RICHMOND, Va. (AP) - The Virginia Department of Forestry has awarded more than $200,000 in grants to 154 volunteer fire departments.
      
  • Contests

  • This week's Friday Freebie is 4 wristbands to use to enjoy the 88th Annual Chincoteague Fireman's Carnival!
    This week's Friday Freebie is 4 wristbands to use to enjoy the 88th Annual Chincoteague Fireman's Carnival!
  • How would you like to win free tuition for a year to Wor-Wic Community College? Plus we'll throw in books and a laptop! The Bank of Delmarva is making it happen for two lucky students. Register to win
    How would you like to win free tuition for a year to Wor-Wic Community College? Plus we'll throw in books and a laptop!
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2013 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.