WILMINGTON, Del. (AP) — The former president of the only financial institution criminally charged in connection with the federal bank bailout program was sentenced Monday to six years in prison for covering up the bank’s troubled condition in the wake of the 2008 financial crisis.
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Gibson, described in court by defense attorney Kenneth Breen as “a high-character person” and “family guy,” was also sentenced to six years in prison on Monday. Like Harra, he also was ordered to pay a $300,000 fine.
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<p style=”text-align: center;”>The century-old bank, founded by members of the du Pont family, imploded despite receiving $330 million from the federal Troubled Asset Relief Program. Before its 2011 fire sale to M&T Bank, Wilmington Trust raised $287 million in a 2010 stock offering, intended in part to help repay the TARP funds, while concealing the truth about its shaky financial condition from investors, prosecutors said.</p>