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

Wilmington Trust Probe Leads To Guilty Plea

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 This material may not be published, broadcast, rewritten or redistributed.)

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