Former Bank President Pleads Guilty to Bank Fraud

Dec 17, 2013 -- 6:16pm

A former bank founder and president has pleaded guilty to bank fraud.  James Ladio of Wilmington entered his plea to a 4-count felony information that charges him with bank fraud and money laundering.  The 57 year old Ladio was the founder and president of MidCoast Community Bank in Wilmington - which has 4 branch locations in Delaware.  Officials say Ladio convinced MidCoast customers to apply for commercial loans – but then the money would be loaned to Ladio.  He faces a maximum 30 years in prison, a million dollar fine, 5 years supervised release and more.  His sentencing is set for April 17.  

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