WILMINGTON, Del. (AP) - A former Wilmington Trust executive has pleaded guilty to conspiracy to commit bank fraud in an investigation of the failed bank's lending practices.
Forty-five-year-old Joseph P. Terranova waived an indictment and entered his plea Wednesday. He faces up to five years in prison when sentenced Sept. 9.
Terranova is a former relationship manager in the commercial real estate group at Wilmington Trust, which was sold to M&T Bank Corp. in 2010 after its deteriorating loan portfolio left it on the verge of collapse.
Terranova worked closely with Michael Zimmerman, a prominent Dover developer indicted earlier this year on charges including conspiracy and money laundering.
According to court records, Terranova once agreed to send $1 million to Zimmerman, joking that he didn't want to jeopardize his reputation for "reckless abandon."
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)