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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