Former Wilmington Trust official sentenced for conspiracy
WILMINGTON, Del. (AP) — A former Delaware bank official who cooperated with authorities in an investigation that led to the convictions of four top executives for Wilmington Trust, the only financial institution to be criminally charged in connection with the federal bank bailout program, was sentenced Tuesday to almost two years in prison.
Joseph Terranova, 51, was sentenced to 21 months behind bars, more than five years after pleading guilty to conspiracy to commit bank fraud and agreeing to cooperate with federal investigators. He also must pay a $15,000 fine.
Terranova's sentencing brings an end to a lengthy criminal probe into the downfall of a bank that was founded by members of the du Pont family and foundered more than a century later after the real estate market collapsed following the 2008 recession.
"I am deeply sorry for the crimes I committed," Terranova, a former bank vice president and loan officer, said before U.S. District Judge Richard Andrews sentenced him. "Every day, I struggle with feelings of shame, guilt and remorse."
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