William North, 55, of Bryn Mawr, Pa., and Kevyn Rakowski, 61, of Lakewood Ranch, Fla., Wilmington Trust’s chief credit officer and controller, were charged with one count of making false statements to the Securities and Exchange Commission (SEC), and three counts of making false statements to Federal Reserve. The two executives stand accused of concealing from the market and the Federal Reserve the total quantity of past due loans on the bank’s books during October and November 2009….
The SEC filed related fraud charges against four former Wilmington Trust executives for intentionally understating past due bank loans during that same time period.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn