3rd Circ. Quash Wilmington Trust Fraud Convictions

Law360 (Jan. 12, 2021, 6:32 p.m. EST) – The Third Circuit Court of Appeals on Tuesday overturned the convictions of four former Wilmington Trust Corp. executives, ruling that prosecutors had failed to prove the bank had failed not reporting loans with an extension as “past due” during the 2007-08 financial crisis violated the only reasonable interpretation of federal regulations.

The three-judge panel said that when a regulation is ambiguous, the onus is on the government to prove that a defendant knowingly made false statements, either under a reasonable interpretation of that regulation alone or under all of them. reasonable interpretations possible.

As a result, the panel said the government had failed to prove its case against the former president of Wilmington …

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