Wilmington Trust Probe Leads To Guilty Plea - 47 ABC - Delmarva's Choice

Wilmington Trust Probe Leads To Guilty Plea

Posted: Updated:

DOVER, Del. (AP) - A Delaware businessman has agreed to plead guilty after being charged with conspiracy in a federal investigation of the lending practices of the failed Wilmington Trust bank.
    
According to a court filing Monday, Salvatore Leone of Dover will plead guilty at an Oct. 7 hearing.  He was charged last week with conspiracy to commit bank fraud.
    
Leone was a business partner of Michael Zimmerman, a Dover developer indicted earlier this year on charges of conspiracy, money laundering and making false statements to a financial institution.
    
Prosecutors allege that Leone conspired with others to submit fraudulent requests to Wilmington Trust to draw on construction loans, and that he and Zimmerman then used the money for unrelated purposes. Prosecutors also claim that Leone and others kept construction project funds for personal use.

 

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 This material may not be published, broadcast, rewritten or redistributed.)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