U.S. District Lawyer disillusioned with Appeals Court docket overturning convictions; no choice on retracing Harra and three others

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The U.S. District Attorney for Delaware expressed disappointment over the decision by the U.S. Court of Appeals in Philadelphia to overturn the convictions of four former executives of Wilmington Trust.

The four were charged with lying to the Federal Reserve, the Securities and Exchange Commission, and the public regarding millions of dollars in bad loans. The bad loans led to the collapse of Wilmington Trust, which was acquired by M&T for $300 million, a fraction of its stock market value a few days earlier.

David Weiss

“In a matter of first impression, the court held that the government was required to establish that the defendants’ statements were false under any ‘objectively reasonable’ interpretation of the applicable reporting instructions – even in a circumstance where a defendant never believed in that interpretation and intended to lie to the regulators all along,” U.S. District Attorney David Weiss stated.

Weiss concluded, “Needless to say, I am disappointed with this result. We are currently analyzing the court’s opinion and evaluating our options, including, as the Court of Appeals authorized, retrying the defendants for conspiracy and securities fraud.After the guilty verdict in this case, I described the prosecutors and agents who worked on this case as being among the finest professionals in law enforcement. I stand by that statement today.”

See earlier story below:

Convictions of former Wilmington Trust executives tossed by Court of Appeals

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