Two of the four men found guilty in the Wilmington Trust downfall were sentenced today in US District Court in Wilmington. Former Bank President and COO, Robert Harra and Chief Financial Officer, David Gibson, have each been sentenced to 6 years in prison, three years’ supervised release, and a $300k fine. In addition, Harra must pay a $1500 special assessment and Gibson must pay a $18000 special assessment.
The four were found guilty on all charges last May after covering up the bank’s condition after the 2008 financial crisis with false filings with the SEC and Federal Reserve. Both men will likely appeal their sentences. Chief credit officer William North and controller Kevyn Rakowski will be sentenced Wednesday.