DE Man Pleads Guilty To Bank Fraud Conspiracy - 47 ABC - Delmarva's Choice

DE Man Pleads Guilty To Bank Fraud Conspiracy

Posted: Updated:

WILMINGTON, Del. (AP) - A Delaware businessman has pleaded guilty to a felony conspiracy charge in a federal investigation of the lending practices of the failed Wilmington Trust bank.
    
Fifty-year-old Salvatore J. Leone of Dover entered the plea at a court hearing Monday. He is to be sentenced Feb. 13.
    
Leone was a business partner of Michael Zimmerman, a Dover developer indicted earlier this year on federal charges of conspiracy, money laundering and making false statements to a financial institution.
    
Prosecutors allege that Leone conspired with Zimmerman 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 Zimmerman kept project-related funds for personal use.

 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • ContestsMore>>

  • 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 >>
  • Free Tuition Contest

    Free Tuition Contest

  • Local NewsDelmarva HeadlinesMore>>

  • Salisbury Bingo Supports ALS Foundation

    Salisbury Bingo Supports ALS Foundation

    Thursday, August 21 2014 11:40 PM EDT2014-08-22 03:40:24 GMT
    SALISBURY, Md. - The "ALS Ice Bucket Challenge" has taken social media by a storm. An event hosted by the DC/MD/VA chapter of ALS gained funds and awareness without the use of ice cold buckets.More >>
    SALISBURY, Md. - The "ALS Ice Bucket Challenge" has taken social media by a storm. An event hosted by the DC/MD/VA chapter of ALS gained funds and awareness without the use of ice cold buckets.More >>
  • New App Offers Anonymous Peer Counseling

    New App Offers Anonymous Peer Counseling

    Thursday, August 21 2014 11:18 PM EDT2014-08-22 03:18:52 GMT
    47 ABC - We've heard the quote "Be kind. For everyone you meet is fighting a hard battle." A new smartphone is proving just that, offering strangers the chance to lend an ear to one another when times are tough.More >>
    47 ABC - We've heard the quote "Be kind. For everyone you meet is fighting a hard battle." A new smart-phone is proving just that, offering strangers the chance to lend an ear to one another when times are tough.More >>
  • 2nd Duck Derby Benefits National Foundation

    2nd Duck Derby Benefits National Foundation

    Thursday, August 21 2014 11:18 PM EDT2014-08-22 03:18:21 GMT
    OCEAN CITY, Md. - And they're off! Three thousand rubber ducks swam to the finish line in support of a great cause.More >>
    OCEAN CITY, Md. - And they're off! Three thousand rubber ducks swam to the finish line in support of a great cause.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.