Former Wilm. Trust executive pleads guilty to bank fraud charges

By Amy Cherry 12:55pm, May 8, 2013 - Updated 1:55pm, May 8, 2013
U.S. Attorney Charlie Oberly details the case against Joseph Terranova.
A top ex-executive at Wilmington Trust pleads guilty to a felony charge in federal court.

WDEL's Amy Cherry reports.

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A former Wilmington Trust Vice President, Joseph Terranova, has admitted to conspiring to defraud the bank and its shareholders.

U.S Attorney Charlie Oberly says Terranova made bad loans to Wilmington Trust customers.

"Mr. Terranova and his co-conspirators demonstrated a disregard of the processes and procedures designed to protect the soundness of Wilmington Trust," says Oberly.

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Oberly says Terranova is responsible for Wilmington' Trust's demise.

"The criminal conduct of Mr. Terranova and his co-conspirators brought down a Delaware institution taking with it jobs and the substantial savings of many of their clients," he says.

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Terranova said nothing as he walked out of the federal courthouse in Wilmington with his attorney at his side.

Her faces up to five years behind bars.

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