Former Delaware bank executive faces lengthy jail time for fraud

WCCRIME

By WHYY Newswork’s Nichelle Polston – The former President and Chief Executive Officer of a Wilmington-based bank faces up to 60 years behind bars after pleading guilty to two counts of bank fraud charges and even more jail time when two money laundering charges are added into the equation.

James A. Ladio, founder of MidCoast Community Bank entered into a nine-page plea agreement on Tuesday giving up rights to a jury trail and an option to appeal whatever sentence a judge will impose. Ladio is accused of a scheme that involved loan money originally approved for two MidCoast customers but was set aside for Ladio’s personal use.

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