DOVER, Del. – The former chief financial officer of Wilmington Trust has been released on $25,000 unsecured bond after pleading not guilty to fraud and conspiracy charges in a federal investigation into the collapse of the century-old financial institution.
David Gibson also denied making false statements to federal regulators and false entries in bank records at his arraignment Thursday in Wilmington.
Gibson was ordered to surrender his passport and any firearms.
Gibson and former bank President Robert V.A. Harra are among four former Wilmington Trust executives charged last week in a superseding indictment.
Authorities allege the defendants concealed information about Wilmington Trust's deteriorating commercial real estate loan portfolio, which led to its downfall and hasty acquisition by M&T Bank Corp. in 2011.
True Crime
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
